Richard J. Morganti Scholarship Recipient Announced

Christopher Colbert, MMA

Standex ETG is happy to announce this year’s Richard J. Morganti Scholarship recipient, Christopher Colbert of Plymouth, Massachusetts. Christopher is a freshman majoring in Marine Engineering at Rich’s Alma Mater, the Massachusetts Maritime Academy (MMA).

Christopher said, “First off, I am very grateful to have received this scholarship. I have always wanted to go to MMA. My father and his brothers all attended, as well as my older sister and brother. I’ve seen what the school can do for a person through seeing what it has done for them. I hope to be able to do something for the school during my time here.”

This scholarship was established in honor of ETG employee and dear friend, Rich Morganti, who graduated with the class of ’82. We are happy to be able to contribute, in Rich’s memory, to a worthy young man that is excited about his pursuits at MMA. Congratulations Christopher! We wish you all the best in your academic pursuits at the Academy!

Standex International Announces Divestiture of Enginetics Corporation

–Transaction Consistent with Long-Term Growth Strategy–

 

NEWS PROVIDED BY
Standex International Corporation

SALEM, N.H., March 31, 2021 /PRNewswire/ — Standex International Corporation (“Standex”) (NYSE: SXI) today announced that it has divested Enginetics Corporation, its jet engine components business, to Enjet Aero, LLC, a privately-held aerospace engine component manufacturing company, for approximately $11.5 million in cash.  Enginetics generated approximately $9 million in revenue in the first nine months of fiscal 2021.

Standex expects to incur non-cash charges associated with the divestiture including goodwill charges in the fiscal third quarter of 2021. Standex expects that the pre-tax charge including transaction costs will range from $14.5 million to $15.5 million with approximately $13 million attributable to goodwill and other intangible assets.

“Today’s sale of Enginetics enables our Engineering Technologies Group to focus on the higher growth and margin opportunities of its core spin forming solutions business that serves the space, commercial aviation and defense end markets. In addition, our significant financial flexibility and strong balance sheet continue to position us very well to pursue an active pipeline of organic and inorganic opportunities and further drive profitable growth.  The transaction will also be immediately accretive to our operating margin,” commented President and Chief Executive Officer David Dunbar.

“We believe Enjet’s stewardship and complementary business will be beneficial to both customers and employees of Enginetics.  I want to thank the employees of Enginetics for their dedication and contributions to Standex,” concluded Dunbar.

Seale & Associates acted as exclusive financial advisor to Standex on the transaction.

About Standex

Standex International Corporation is a multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, India and China.  For additional information, visit the Company’s website at http://standex.com/.

Forward-Looking Statements

Statements contained in this Press Release that are not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terminology such as “should,” “could,” “may,” “will,” “expect,” “believe,” “estimate,” “anticipate,” “intend,” “continue,” or similar terms or variations of those terms or the negative of those terms. There are many factors that affect the Company’s business and the results of its operations and that may cause the actual results of operations in future periods to differ materially from those currently expected or anticipated. These factors include, but are not limited to: the impact of pandemics such as the current coronavirus on employees, our supply chain, and the demand for our products and services around the world; materially adverse or unanticipated legal judgments, fines, penalties or settlements; conditions in the financial and banking markets, including fluctuations in exchange rates and the inability to repatriate foreign cash; domestic and international economic conditions, including the impact, length and degree of economic downturns on the customers and markets we serve and more specifically conditions in the automotive, construction, aerospace, transportation, food service equipment, consumer appliance, energy, oil and gas and general industrial markets; lower-cost competition; the relative mix of products which impact margins and operating efficiencies in certain of our businesses; the impact of higher raw material and component costs, particularly steel, certain materials used in electronics parts, petroleum based products, and refrigeration components; an inability to realize the expected cost savings from restructuring activities including effective completion of plant consolidations, cost reduction efforts including procurement savings and productivity enhancements, capital management improvements, strategic capital expenditures, and the implementation of lean enterprise manufacturing techniques; the potential for losses associated with the exit from or divestiture of businesses that are no longer strategic or no longer meet our growth and return expectations; the inability to achieve the savings expected from global sourcing of raw materials and diversification efforts in emerging markets; the impact on cost structure and on economic conditions as a result of actual and threatened increases in trade tariffs; the inability to attain expected benefits from acquisitions and the inability to effectively consummate and integrate such acquisitions and achieve synergies envisioned by the Company; market acceptance of our products; our ability to design, introduce and sell new products and related product components; the ability to redesign certain of our products to continue meeting evolving regulatory requirements; the impact of delays initiated by our customers; and our ability to increase manufacturing production to meet demand; and potential changes to future pension funding requirements. 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.

SOURCE Standex International Corporation

Standex International Rings Closing Bell on New York Stock Exchange

Contact Us | Metal Forming Solutions | Standex ETG

Standex International (SXI) celebrated 50 consecutive years on the New York Stock Exchange by ringing the closing bell on October 30, 2019. Standex President David Dunbar shared the honor with management from SXI and several of its companies, including Engineering Technologies Group (ETG) President Len Paolillo. Through its Spincraft North America businesses, the ETG team has been a part of the Standex family throughout its tenure on the stock exchange, and proud to have contributed to Standex’s consistent success in meeting commitments to their customers, shareholders and employees. Paolillo shared his appreciation for Standex’s commitment to support ETG’s long term growth throughout the years with investments in technology driving the organic growth and inorganic growth as well via the acquisition of Spincraft UK (2010) and Enginetics (2014).
Congratulations to Standex International on this 50-year achievement!

First Recipient of Richard J Morganti Scholarship Announced

North Billerica MA

Standex ETG President Len Paolillo shared the following update on the scholarship established earlier this year in honor of ETG employee and dear friend, Rich Morganti.

Images below show Jacob Conley, the first recipient of the Richard J. Morganti Scholarship. Jacob is a freshman (4/C) majoring in Marine Engineering at Rich’s Alma Mater, the Massachusetts Maritime Academy. Jacob is pictured with Rear Admiral McDonald, current President of the Academy and former fellow classmate of Rich.

Paolillo expressed his appreciation to “all our ETG teammates as well as the many others who were kind enough to contribute to this scholarship in Rich’s memory. We wish Jacob well in his academic pursuits at the Academy.”

In Memoriam: Rich Morganti

In Memoriam: Rich Morganti

VP Advanced Engineering and Technology

Standex Engineering Technologies Group (ETG)

Rich Morganti, our esteemed colleague, mentor and long-time friend, passed on April 1, 2019. Rich’s impressive career with Spincraft began 31 years ago, and he successfully held many different roles within the organization.

Rich began his career as the Quality Manager at Spincraft MA, then he moved to Manufacturing Manager, Purchasing Manager, and Engineering Manager. Rich was given these various roles, because at each step along the way he had successfully fulfilled the requirements and improved the area he had responsibility over. Rich continued to take on larger responsibilities, moving into leadership and entrepreneurial functions as Standex ETG Technical Leader. He ultimately held the position of VP Advanced Engineering & Technology. In working with Business Development, Engineering and our Strategic Customers, Rich developed solutions that were instrumental in ETG’s profitable growth. Collaborating across the groups various disciplines and under his Technical Leadership the groups sales grew from $7M to FY19’s $90M.

Rich helped develop and patent processes for spin forming in support of the space market, an integral part of ETG portfolio. Rich’s engineering and technical expertise helped support developments ranging from forming Fuel Tank Domes to milling Launch Vehicle Crew Capsules, to spin forming solutions of various aviation components. No one was more passionate in championing our customers and the business.

To honor Rich’s memory, a scholarship has been established in his name at his Alma Mater – Mass Maritime Academy. Rich often expressed that his experiences at sea as a merchant marine helped mold his “can do” attitude and approach to tackle and solve what were thought to be insurmountable engineering challenges. (see details below regarding Rich’s scholarship if interested in donating in his name)
All of us at Standex ETG and the larger Standex International will greatly miss Rich, and we extend our deepest sympathy to his family.

“Rich we will miss you bud every day, but your impact within the business and with our customers will carry forward.”
Len Paolillo President Standex ETG

Donations for Rich’s scholarship may be mailed to the Academy or made online. Donations sent through the mail should be sent to the Advancement Office at the address listed below; please include “Richard J. Morganti ’82 Scholarship” on or with the check.

For online donations, please visit the following link https://www.maritime.edu/give; in the “Designation” section, please choose “Richard J. Morganti ’82 Scholarship” from the dropdown menu.

Mailing Address for Donations:
Massachusetts Maritime Academy Advancement Office 101 Academy Drive Buzzards Bay, MA 02532

T. KENT PUGMIRE, RECIPIENT OF 2018 WYLD ROCKET PROPULSION AWARD

T. Kent Pugmire , Standex ETG Technical Representative, was recognized by the American Institute of Aeronautics and Astronautics (AIAA) as ‘Rocket Scientist’ of the Year with his selection to receive the prestigious 2018 Wyld (Rocket) Propulsion Award.

The annual award honors ‘outstanding achievement in the development or application of rocket propulsion systems’ and is named after James Hart Wyld. Pugmire received the award on July 11, 2018 at the AIAA Propulsion and Energy Forum in Cincinnati, Ohio. The award citation reads: “For pioneering contributions to the design and development in-space propulsion systems including the creation of electro-thermal ammonia/hydrazine propulsion systems used in hundreds of spacecraft.”

The first spacecraft, Sputnik 1 (Dec 1959) and Explorer 1 (Jan 1960) were placed in elliptical orbits with very limited life. Neither had in-space propulsion to control or change position. This quickly led to the development for in-space propulsion. Initially this was accomplished with containers of pressurized nitrogen or helium which had short life and low propulsive efficiency. Within 10 years liquid fueled propulsion was implemented on small, limited mass spacecraft which had only a few watts electric power for communication and instruments.

During this period, Kent Pugmire was developing very low thrust (~.000,001 pounds thrust) liquid fueled ammonia electro-thermal propulsion systems for NASA and the Naval Research Laboratory. These developments provided the first spacecraft based, operational Global Positioning System (GPS). Some ten years later Kent’s developments produced the first operational electric (several kilowatts power) propulsion spacecraft. Use of this electric propulsion extended operational life of communication, weather, DOD spacecraft about 35% over the standard chemical engines in use at that time. Some applications are continuing today (1980s – 2018).

“Another prestigious honor for a longtime friend and colleague,” said Standex ETG’s Rich Morganti, VP Advanced Engineering & Technology. “It is not surprising given Kent’s passion and dedication to the industry. For those of us who have had the opportunity and pleasure to work with Kent, we are very fortunate indeed.”

Pugmire has worked with Spincraft / Standex ETG for 20+ years as Technical Representative and Consultant to the Space Systems market. Members of the ETG team were on hand for the award, joining several of Pugmire’s family members and business associates.

Pugmire was previously recognized by AIAA, having been inducted to the AIAA Class of 2016 Fellows. AIAA Honorary Fellows and Fellows represent the best of the aerospace community. These individuals have advanced the state of the art of aerospace science and technology, making unique contributions to the profession.
AIAA is the largest aerospace professional society in the world, serving a diverse range of more than 30,000 individual members from 88 countries, and 95 corporate members.

Dr. T. Kent Pugmire Inducted to the AIAA Class of 2016 Fellows

June 15, 2016: AIAA Aerospace Spotlight Awards Gala, Washington DC.

Standex ETG Technical Representative, Dr. T. Kent Pugmire, was recently honored by the American Institute of Aeronautics and Astronautics (AIAA) as a Class of 2016 Fellows.

Pugmire has worked with Spincraft / Standex ETG for 20+ years as Technical Representative and Consultant to the Space Systems market. Members of the ETG team were on hand for the celebration, joining several of Pugmire’s family members and business associates at the AIAA Spotlight Awards Gala held in Washington DC June 15, 2016.

AIAA Fellows are recognized as “persons of distinction in aeronautics or astronautics, who have made notable and valuable contributions to the arts, sciences, or technology thereof.” The AIAA board of directors elects only 1 Fellow per 1,000 members; with 24 Fellows appointed to the 2016 Class.
Pugmire was acknowledged by the Institute for his ‘ pioneering contributions to the design, development, and application of in-space propulsion systems, and a half-century of service to AIAA’.
A member of the Institute for 55 years with over 70 publications, Pugmire, a 30 yr. active member of the Liquid Propulsion Technical Committee, has organized and chaired over 50 Joint Propulsion Conference sessions. He developed arc heated reentry test facilities for primes and NASA followed by invention and development of electro-thermal heated engines and propulsion systems for 40 spacecraft, commencing operational use of electric propulsion for spacecraft. One of Pugmire’s electro-thermal concepts is the ongoing basis of over 250, long life, station keeping engines.
ETG President, Len Paolillo, commented: “The recognition Kent received for his contributions to AIAA and to the Aerospace community was overdue and very well deserved. Kent has long been a key contributor to ETG with his technical expertise and business acumen, and a trusted adviser to me personally for a number of years. The entire ETG team is honored and proud to have Kent as our colleague.”

Standex Announces Enginetics Acquisition

SALEM, N.H.–(BUSINESS WIRE)–Standex International Corporation (NYSE:SXI) announced today that it has closed its previously announced acquisition of Ohio-based Enginetics Corporation, a leading producer of aircraft engine components serving the U.S. and European aviation markets. Enginetics had revenue of approximately $30 million in the trailing 12 months. This acquisition is expected to be accretive to earnings in the range of $0.03 to $0.05 excluding the impact of purchase accounting related to inventory and long term backlog in the remainder of Fiscal 2015 and $0.07 to $0.09 in the full year Fiscal 2016 excluding the impact of long term backlog.1
“Enginetics has been awarded a number of long-term agreements with OEMs and Tier one suppliers to support the next generation of energy efficient aircraft engines,” said Standex CEO David Dunbar. “With its experienced management team and value-added metal forming technologies, Enginetics will enable the Standex Engineering Technologies Group to expand its relationships with these important customers and increase its exposure to growing aviation markets in the United States and Europe. In addition, the acquisition presents us with opportunities to drive new business by selling Enginetics’ product solutions into non-aviation markets currently served by Standex.1”

About Enginetics
Headquartered in Huber Heights, Ohio, Enginetics produces commercial components for the commercial aviation market through a variety of forming processes.

About Standex
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 http://standex.com/.

1 Safe 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, general domestic and international economy including more specifically increases in raw material costs, the ability to substitute less expensive alternative raw materials, the ability to continue to successfully implement productivity improvements, increase market share, access new markets, introduce new products, enhance our presence in strategic channels, the successful expansion and automation of manufacturing capabilities and diversification efforts, the ability to continue to achieve cost savings through lean manufacturing, cost reduction activities, and low cost sourcing, effective completion of plant consolidations, successful completion and integration of acquisitions 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.

Contact:
Standex International Corporation

Thomas DeByle, 603-893-9701

CFO

InvestorRelations@Standex.com