Standex Establishes Global Presence for Electronics Group with Acquisition of Meder Electronic Group; Terms Not Disclosed, Expects it to Be Accretive
Standex International Corporation (NYSE: SXI) today announced that it has acquired Meder Electronic Group (“Meder”), which designs, manufactures and distributes a broad offering of magnetic reed switch, reed relay and reed sensor solutions in an all-cash transaction. Terms for the acquisition were not disclosed. Meder reported sales of €46 million for calendar 2011 and an EBITDA margin in excess of 13%. The Company expects Meder to be accretive to earnings in the range of $0.08 to $0.12 per diluted share in fiscal 2013 and $0.26 to $0.31 in fiscal 2014.1 Meder offers significant sales synergies as well as cost synergies resulting from expected procurement and infrastructure savings.1
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