SALEM, N.H.--(BUSINESS WIRE)--Standex International Corporation (NYSE:SXI) today announced that Spincraft, the Company’s engineered products metal fabrication business unit in its Engineering Technologies Group, has received a long-term contract from Airbus to produce single-piece lipskins for the nacelles on the Airbus A320neo, one of the largest-selling commercial aircrafts in the world. The contract, which runs through 2021, represents Spincraft’s second major award for the A320 neo program following last year's announcement of the award for the geared turbo fan engine. Under the terms of the agreement, Spincraft will produce single-piece spun and machined lipskins for 750 A320neo aircraft. The lipskins will be included in the aircraft’s CFM International LEAP-X engine option. Program development of the lip is expected to begin in early 2015, with the initial delivery scheduled for 2016.1
“This new contract for the A320neo marks our first direct supplier agreement with Airbus,” said Len Paolillo, President of Standex’s Engineering Technologies Group. ”We will be using CNC forming technologies that we have developed and refined over the years, along with investments in other processes to support the production for this product line. This is a significant win for the Engineering Technologies Group in our targeted high-growth aviation market. The A320neo is one of the leading fuel-efficient planes in the industry today, and we have worked closely with Airbus, and will continue to collaborate with them to provide solutions in their efforts to achieve cost and efficiency improvements on their aircraft.1”
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Engineering Technologies Group, Engraving Group, Electronics Products Group, and Hydraulics Products Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, Argentina, Turkey, South Africa, India and China. For additional information, visit the Company's website at www.standex.com.
1Safe Harbor Language
Statements in this news release include, or may be based upon, management's current expectations, estimates and/or projections about Standex's markets and industries. These statements are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may materially differ from those indicated by such forward-looking statements as a result of certain risks, uncertainties and assumptions that are difficult to predict. Among the factors that could cause actual results to differ are the impact of implementation of government regulations and programs affecting our businesses, unforeseen legal judgments, fines or settlements, uncertainty in conditions in the financial and banking markets, general domestic and international economy including more specifically increases in raw material costs, the ability to continue to successfully implement productivity improvements, increase market share, access new markets, introduce new products, enhance our presence in strategic channels and the other factors discussed in the Annual Report of Standex on Form 10-K for the fiscal year ending June 30, 2014, which is on file with the Securities and Exchange Commission, and any subsequent periodic reports filed by the Company with the Securities and Exchange Commission. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.
Standex International Corporation
Thomas DeByle, 603-893-9701