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!

Martyn Jones to Retire From Spincraft UK

Spincraft UK Team Together for Marty Jones' Retirement

Standex ETG is proud to recognize Martyn Jones in honor of his retirement this month after an amazing 48+ years with our Spincraft UK business. Martyn has played a critical role in keeping facility equipment running to support customer demands and helping the business transition from hydraulic power-assisted to CNC forming technology. He has seen and supported the transformation of the UK facility as it has developed new capabilities and solutions in Aerospace, Defence and beyond.

A luncheon was held in Martyn’s honor to thank him for his commitment and contributions to Spincraft and Standex ETG.

We wish him the best of luck and a happy retirement!

 

Spincraft UK Team Together for Marty Jones' Retirement

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

2020 Airbus D2P Challenger Status awarded to ETG Spincraft WI

June 2020: Engineering Technologies Group recently was notified that Spincraft WI is one of 12 worldwide suppliers to achieve ‘Challenger’ Status in the Airbus 2020 Detail Parts Partnership (D2P) program. This prestigious award is issued across all divisions of Airbus and is second only to the D2P Global Supplier status issued to nine suppliers this year.

Spincraft WI has supplied Lipskins to the Airbus A320 program for three years from its second New Berlin plant built in 2016. ETG parent, Standex International, invested in the facility which specializes in 100% flow-line manufacturing for thingauge aluminum forming.

“ETG Management and the WI team are very honored to have achieved this award,” commented ETG VP Sales & Marketing David Doucette. “We greatly value our successful partnership with Airbus and look forward to our ongoing Lipskin programs and future collaborations.”
More information will be shared as further details are provided.

 

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.”

Boeing’s CST-100 Starliner Capsule: Spincraft-supplied bulkhead domes

Boeing and NASA continue their drive to send US Astronauts to space. Fox News toured Florida’s Kennedy Space Center in Cape Canaveral to see firsthand the impressive CST-100 Starliner Capsule. Link to Fox release: Fox Business

Boeing is planning a September 2019 launch of an empty capsule, with a crewed launch targeted by the end of 2019. This will be first mission launching Astronauts to the International Space Station from US soil since the end of the Space Shuttle program in 2011
The crew capsule structure (forward and aft bulkhead domes) are manufactured by Spincraft’s North Billerica MA facility. The capsule will launch on a United Launch Alliance (ULA) Atlas IV rocket. Spincraft supplies domes to several ULA Space programs; each Atlas IV uses 4 fuel tank domes also manufactured in the MA plant.

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

Spincraft UK: Better Health at Work, Bronze Award 2018

Sept 2018, Spincraft Newcastle-upon-Tyne, UK: ETG’s Spincraft facility proudly achieved Bronze Status from the UK based ‘Better Health at Work’ (BHAW) program in Sept 2018. The award required an in-depth assessment of Spincraft’s compliance to a set of 10 Criterion set forth by the organization.

This journey began in April 2017, with Spincraft UK assigning 3 employees for Health Advocate Training. These Spincraft employees came from HR, Sales and workforce departments; and would become the driving force behind the program and responsible for communications with BHAW. The Health Advocates were responsible for internal communications, implementation and execution of the various programs, as well as gathering and recording supporting evidence of compliance.

Spincraft’s commitment to the Better Health at Work program involved the following: 1. Run three health events in 2018 2. Promote mental health and wellbeing. 3. Raise awareness of risky alcohol and drug use. 4. Ensure employees are aware of dietary issues and promote healthy food choices. 5. Enforce smoke free legislation. 6. Analyze sickness absence trends. 7. Evaluate employee welfare facilities. 8. Ensure ongoing communication on wellbeing issues. 9. Be audited on progress toward the bronze award.

Spincraft ran several campaigns throughout the year to focus on various wellness topics. Actions ranged from simple awareness activities such as posters and brochure distribution, to holding company events complete with speakers from various health professions. Of the many actions over the year, Spincraft Health Advocates felt the most significant based on company involvement and feedback were the following:

Stress and Mental Health: A presentation from Sally Allen Trust featured a speaker discussing the importance of mental wellbeing. Topics covered recognizing signs of stress and depression, the serious potential results if symptoms are not treated, and small but effective steps we can all take to combat these illnesses. The presentation included a poignant introduction from Gordon Allen, Sally’s widow, who touched upon the impact to the families of those suffering from stress and depression.

Health MOT: Employees were invited to attend an on-site appointment with a nurse for a general health review. This included a check on height, weight, blood pressure and cholesterol, as well as additional age-appropriate checks for those over 45 years.

Alcohol and Drug Awareness: Employees in small groups attended a workshop which highlighted how alcohol can impair your senses. Each attendant had the opportunity to wear ‘beer googles’ which re-created the effects of alcohol on your vision, and then took part in a simple exercise whilst wearing the googles.

Musculoskeletal: Spincraft reached out to local Physiotherapist, Matt Denby of Embrace Physiotherapy, who provided a presentation and workshop. Matt demonstrated various exercises that could be done at work and/or at home to help prevent various musculoskeletal disorders.

Other campaigns included Healthy Eating and Weight Management, Physical Activity, Stop Smoking, Hydration, and Cancer awareness.

Congratulations to Spincraft Health Advocates Ricky Forsyth, Ni Hazard, and Kingsley ‘Chic’ Irving for a job well done. And to Spincraft UK employees for supporting and embracing Better Health at Work. Plans are underway for 2019 programs as Spincraft’s next goal will be the Silver Award.

Spincraft UK Health Advocates and several employees are shown with the Better Health at Work Bronze Award.

Spincraft WI: Employee Safety Focus

New Berlin, WI: With Employee safety a foremost priority throughout the Standex businesses, Spincraft WI plant made strides in 2018 with robust and effective expansions to their existing Safety Programs. Workers attended clinics throughout the year for training in specific areas such as Crane & Lifting, Hearing Conservation, and Proper Lifting. Other classes covered safety measures relating to Forklift Operations, Fire, Ladder & Work-surfaces training, and more.
Daily GEMBA walks lead to process improvements and ensure that safety remains a focus throughout the manufacturing stages of a given program or work center. The plant has also implemented several Hazard Assessment Audits that will be performed on a yearly basis.
Spincraft management hosted a luncheon for the Commerce Drive facility workers honoring a year with no lost time due to injuries. The facility reached 544 days and reported a 65% decrease in injury rate from November 2017 to Nov 2018. Members of Spincraft WI ‘Safety Squad’ shown in photo below: