Cincinnati, Ohio, 1 October 2015 – Standex International Corporation (NYSE:SXI) announced that it has acquired Wisconsin-based Northlake Engineering, Inc., a highly respected designer, manufacturer and distributor of high reliability electromagnetic products and solutions serving the North American power distribution and medical equipment markets. Northlake recorded revenue of approximately $10 million for the trailing 12 months ended August 2015.
“Acquiring Northlake directly supports our Electronics Group strategy of expanding our high reliability magnetics business into adjacent markets to drive growth and profitability,” said Standex Chief Executive Officer David Dunbar. “Northlake is highly regarded for the performance and quality of its products, which complement our Standex Electronics offerings and position us to provide a wider array of solutions to customers in the power generation and medical equipment markets. In addition, Northlake brings us an experienced management team, and I welcome the opportunity to benefit from their expertise.”
“We welcome the entire Northlake team to Standex Electronics and look forward to working together to successfully expand our product portfolio and customer base,” said Standex Electronics President John Meeks. “During its 60-plus years in business, Northlake has built a solid organization with a strong brand reputation in power distribution, medical equipment and other high-reliability magnetics markets. Acquiring Northlake also creates the potential for both revenue and cost synergies related to cross selling and procurement savings as we leverage Standex’s broader global supply chain and operational excellence practices to support Northlake’s product sales and operations.”
“Becoming part of Standex will enable us to achieve Northlake’s strategic growth objectives faster than we could on our own,” said Northlake President William Hardt. “We are excited about the opportunity to help Standex Electronics broaden its high-reliability magnetics business. Our intimacy and longstanding relationships with blue-chip customers in the power distribution and medical equipment industries make Northlake and Standex a great strategic fit. Operating as a combined organization will provide Northlake with critical mass and the opportunity to leverage new sales channels and products. This will enable us to operate more efficiently than we could as an independent company, while accelerating our growth.”
About Northlake Engineering
Headquartered in Bristol, Wisconsin, Northlake Engineering, Inc. is a respected designer, manufacturer and distributor of electromagnetic products and solutions serving the North American power distribution and medical equipment markets. The company also serves a broad range of clients in the instrumentation, industrial equipment, transportation, aviation, and communications markets. In addition to providing product engineering, value-added assembly and electronics packaging services, Northlake offers a wide range of customer support, compliance and test services, leveraging strategic global sourcing and trusted manufacturing partnerships in Mexico, Haiti and China.