Standex Announces the Sale of Its Jarvis Caster Group to Colson Caster Corporation.Business Editors SALEM, N.H.--(BUSINESS WIRE)--Nov. 12, 2003 Sale to Strategic Buyer Advances Standex's Restructuring and Realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. Program; Sales Proceeds to Fund Acquisitions Standex International Corporation (NYSE NYSE See: New York Stock Exchange :SXI) today announced the sale of substantially all of the assets of its Jarvis Caster Group to the Colson Caster Corporation, a unit of the Colson Group, Inc. Proceeds from this all-cash transaction will allow Standex to continue to invest in strategic bolt on acquisitions. Jarvis reported sales for the fiscal year ended June 30, 2003 of $56.3 million. "Over the past several years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time caster market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. has been impacted by the influx of product from Asia Pacific and from excess global capacity resulting in a movement toward consolidation, particularly here in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . This transaction was consummated by a strategic buyer and a strategic seller, the ideal formula for a win/win situation," said Roger Fix, President and Chief Executive Officer of Standex. "When Standex embarked on its restructuring and realignment program one year ago, it set certain goals and defined a strategy to achieve them. A key component of the strategy included divesting of businesses that we felt do not offer sales and earnings growth potential necessary to meet our expectations. One goal of the realignment process was to utilize funds realized from the sale of these divested businesses to complete strategic bolt-on acquisitions that would accelerate the growth of our core business platforms. In FY2003 we invested approximately $21 million in cash and stock in completing two significant acquisitions. We continue to aggressively pursue additional strategic acquisitions and believe that with our current balance sheet and debt levels we are extremely well positioned to continue with acquisitions."(1) About Jarvis Caster Group Jarvis Caster Group is headquartered in Palmer, Massachusetts Palmer is a town in Hampden County, Massachusetts, United States. The population was 12,497 at the 2000 census. The estimated 2005 population is 12,925. For geographic and demographic information on specific parts of the town of Palmer, please see the articles on , with operations in Kalamazoo, Michigan “Kalamazoo” redirects here. For other uses, see Kalamazoo (disambiguation). Kalamazoo is the largest city in the southwest region of the U.S. state of Michigan. As of the 2000 census, the city had a total population of 77,145. , South El Monte, California South El Monte is a city in Los Angeles County, California, United States. As of the 2000 census, the city had a population of 21,144. Geography South El Monte is located at (34.048910, -118. , and Henderson, Tennessee Henderson is an incorporated city in Chester County, Tennessee, United States. The population was 5,670 at the 2000 census. It is the county seat of Chester CountyGR6. . The Company offers advanced and versatile casters, wheels, and accessories, serving the full spectrum of industrial, institutional, health care, food service and high-tech applications. Jarvis Caster has been serving the U.S., market for 60 years. Its Jarvis Can-Am division, headquartered in Toronto with locations in Montreal and Vancouver, has been serving the Canadian market for more than 50 years. About Standex Standex International Corporation is a multi-industry manufacturer in three broad business segments: Food Service, Industrial and Consumer with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil and China. For more information about Standex, visit www.standex.com. (1) These statements are forward looking and involve certain risks, uncertainties and assumptions. Factors affecting the outcome and results include failure to achieve the Company's acquisition and restructuring goals, uncertainties in the economy, competitor activities, changes in economic growth and demands in domestic and international markets, pricing pressures and other market factors. Actual results could differ materially from anticipated projected results. |
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