Standex Acquires Tri-Star Brand

Standex International Corporation SXI today announced that it has broadened its cooking solutions product offerings with the acquisition of the Tri-Star line of primary cooking product offerings, including ranges, fryers, griddles, convection ovens, salamanders, char broilers and hot plates. These acquired assets, which reported a profit on $5.5 million in sales during the trailing 12 months, are expected to be accretive to Standex's earnings on a GAAP basis in the first full year of ownership, but will be nominally dilutive to earnings in the current fiscal year ending June 30, 2011 due to the impact of purchase accounting and acquisition-related expenses.1