SALEM, N.H.--(BUSINESS WIRE)--Standex International Corporation (NYSE:SXI) today announced that it has acquired Italy-based Piazza Rosa Group, a leading provider of mold and tool treatment and finishing services for the automotive and consumer products markets. Privately held Piazza Rosa Group reported consolidated revenues of €9.4M for the year ended December 31, 2016. The acquisition is expected to be accretive to earnings per share of $0.02-$0.03 in fiscal year 2018 and $0.06-$0.07 in fiscal year 2019, excluding purchase accounting and acquisition costs. Piazza Rosa’s senior management team will be continuing with the company. Other terms of the transaction were not disclosed.
“Piazza Rosa’s market leading capabilities include polishing, laser welding, laser hardening, laser cladding and repair / maintenance services. The combination of these competencies with Standex Engraving’s worldwide presence and texturizing capabilities creates a global tool finishing service leader and opens additional opportunities in the broader surface engineering market,” said Standex Chief Executive Officer David Dunbar. “Piazza Rosa’s treatment and finishing services are highly complementary to our capabilities and provide us with an opportunity to drive sales and profitability growth by offering additional value to our customers around the globe. We welcome Piazza Rosa’s management and team of approximately 140 employees to the Standex family.”
“The ability to quickly incorporate Piazza Rosa’s capabilities across our network in approximately 40 countries is a powerful opportunity,” said Standex Engraving President Flavio Maschera. “Piazza Rosa’s offerings will provide significant value to our combined customers across automotive, packaging and consumer end markets.”
“We look forward to providing our best-in-class finishing services to Standex’s global customer base,” said Demis Zanon, who will continue to lead the Group. “Standex has an exemplary reputation in the market and we are proud to be joining forces to provide a comprehensive suite of services to our combined customer base.”
About Piazza Rosa Group
Headquartered outside of Venice, Italy, Piazza Rosa S.r.l. was founded in 1983 by the Zanon family, and its subsidiary, WCS S.r.l., was founded in 2010 by the Zanon family and Mr. Daniele Rossi. Together, these entities comprise Piazza Rosa Group. Piazza Rosa Group operates three facilities in Italy, one facility in Romania, and one facility in Mexico. For additional information, visit the Group’s website at http://www.piazzarosa-wcs.com.
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment, Engineering Technologies, Engraving, Electronics, and Hydraulics with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, Argentina, Turkey, South Africa, India, Japan and China. For additional information, visit the Company's website at http://standex.com/.
Safe Harbor Language
Statements in this news release include, or may be based upon, management's current expectations, estimates and/or projections about Standex's markets and industries. These statements are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may materially differ from those indicated by such forward-looking statements as a result of certain risks, uncertainties and assumptions that are difficult to predict. Among the factors that could cause actual results to differ are the impact of implementation of government regulations and programs affecting our businesses, unforeseen legal judgments, fines or settlements, uncertainty in conditions in the financial and banking markets, general domestic and international economy including more specifically economic conditions in the oil and gas market, the impact of foreign exchange, increases in raw material costs, the ability to substitute less expensive alternative raw materials, the heavy construction vehicle market, the ability to continue to successfully implement productivity improvements, increase market share, access new markets, introduce new products, enhance our presence in strategic channels, the successful expansion and automation of manufacturing capabilities and diversification efforts in emerging markets, the ability to continue to achieve cost savings through lean manufacturing, cost reduction activities, and low cost sourcing, effective completion of plant consolidations, successful completion and integration of acquisitions and the other factors discussed in the Annual Report of Standex on Form 10-K for the fiscal year ending June 30, 2016, which is on file with the Securities and Exchange Commission, and any subsequent periodic reports filed by the Company with the Securities and Exchange Commission. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.