Melco Engraving India Acquisition Broadens Geographic Operations;
Increases Exposure to India's Large and Growing Domestic Automotive
Market; Furthers Support for Non-Indian OEM Customers and Provides
Access for Future Products
Jul. 29, 2010 (Business Wire) -- Standex International Corporation (NYSE:SXI) today announced that it has purchased the assets and intellectual property of privately-held Melco Engraving India Private Limited (MEIPL), a leading producer of mold textures, engraved rolls and plates in India. The acquisition will expand Standex’s international capability, strengthen the Company’s ability to service its global customers and present future growth opportunities for additional Standex products. The new business unit, Standex Engraving India Private Limited, will be categorized under Standex’s Engraving Group. Terms of the acquisition were not disclosed.
Standex Engraving India has trailing 12 month sales of approximately $800,000 and operates plants in Bangalore, New Delhi and Pune, which together, form the geographic core of India’s automotive industry. From these strategic locations, Standex Engraving India will be able to support, not only domestic producers but also non-Indian OEM customers, including Ford India, General Motors, Volvo, BMW, Renault-Nissan, Hero Honda and Toyota that are located nearby.
“With this acquisition, Standex broadens its geographic presence and gains access to India’s explosive domestic automotive market that is about 15% to 20% the size of the North American market and growing rapidly at a double digit pace,” said Roger Fix, President and Chief Executive Officer of Standex International. “Furthermore, the combination of Standex Engraving India’s advanced texturing technology and strategic Indian locations near key U.S., European and Japanese automotive partners will better enable us to serve our global customers while establishing a platform in India for additional Standex products in the future.”
“Standex Engraving India will bolster our already competitive portfolio of texturing products and services,” said Phil Whisman, President of Standex Engraving Group. “The state-of-the-art technologies brought to MEIPL from Standex Engraving, including seamless and digital printing, 3-D capability, dual gloss, soft feel, consistent grain quality and precision grain matching will better support our global automotive customers. In addition to augmenting the Engraving segment’s global footprint, Standex Engraving India will provide entry into India’s strong domestic market, additional services for our customers, a wider product offering and a low-cost manufacturing environment.”
About the Standex Engraving Group
Standex Engraving is the world leader and the only truly global resource in texturizing and digital engraving. Long known for the quality texturizing solutions it delivers under the Roehlen Embossing and Mold-Tech banners, the Company expanded its industry leadership position in June 2003 with its purchase of the business assets and intellectual property of Richmond, Virginia-based I R International, Inc., a producer of engraved embossing rolls, plates and Gravure cylinders. Standex Engraving excels at shortening the supply chain for global OEMs as a single source texturizing supplier and providing consumer products with the right surface finish. The Group has established a worldwide network of manufacturing centers and design studios to provide uniform engravings for countless applications and positioned itself as the leader in digital engraving technology providing customized texturizing solutions. For more information, visit the Group’s website at www.standexengraving.com
About Standex
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Air Distribution Products Group, Engineering Technologies Group, Engraving Group and the Electronics and Hydraulics Products Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, India, and China. For additional information, visit the Company's website at www.standex.com.
About Melco Engraving India Private Limited
Melco Engraving India, founded a decade earlier, is the leader in mold texturing services in India.
