February 27, 2007
Standex Announces Formation of ”Cooking Solutions” and ”Refrigerated Solutions” Operations Within Food Service Equipment Group
Standex International Corporation (NYSE:SXI) today announced the formation of the "Cooking Solutions Group" and the "Refrigerated Solutions Group" within the Company's Food Service Equipment Group. The formation of the two solutions-focused organizations follows the Company's acquisitions of Associated American Industries (APW Wyott group of companies) and American Foodservice. All of Standex's Food Service Equipment operations will continue to report combined financial results and will be led by Food Service Equipment Group Vice President John Abbott.
"We now have significant scale in our Food Service Equipment Group with very strong brands that cover the breadth of the "cold" and "hot" sides of the market," said Roger Fix, Standex president and chief executive officer. "In fact, the Refrigerated Solutions Group and Cooking Solutions Group have reached a critical mass of more than $155 million and $100 million in annualized sales, respectively. As a result, we are aligning the majority of our food service equipment operations into two "solutions" groups in order to better leverage the growth and cost synergies both within and between the "hot" and "cold" sides of the business. We plan to grow the Refrigerated Solutions Group and the Cooking Solutions Group by providing innovative products to meet the needs of our food service customers."
The Standex Refrigerated Solutions Group will be led by Chuck Dullea and will include Master-Bilt, Nor-Lake and Koolstar. Master-Bilt manufactures refrigerated coolers and freezers, including ice cream freezers, walk-ins, glass door merchandisers, deli display cases, open air cases, foodservice reach-ins, prep tables, refrigerated warehouses, refrigeration systems and more. Nor-Lake is one of the nation's largest suppliers of walk-in coolers and freezers to the food service and scientific industries. Koolstar products range from small 4'x6' step-in boxes to large cold storage warehouse facilities, servicing a wide array of industries such as food services, hotels, schools and universities, hospitals, meat packing, food processing and institutions.
Procon, a leader in the beverage market, Federal Industries, a brand leader in the upscale deli, bakery and confectionary markets, and American Foodservice, a recognized premium food service equipment manufacturer with expertise in stainless steel, millwork and solid surface stonework, will continue to report directly to Mr. Abbott.
About Standex's Food Service Equipment Group
The Food Service Equipment Group (FSEG) is a broad-line manufacturer of commercial food service equipment, including walk-in coolers and freezers, refrigerated, non-refrigerated and hot display cabinets and storage systems, commercial ovens, rotisseries and cooking equipment, bakery and deli display cases, hot food counter-top products, patient feeding systems, rotary vane pumps and stainless steel fabrication, millwork and solid surface stonework. The majority of the FSEG businesses are grouped into two divisions, Standex Cooking Solutions Group and Standex Refrigerated Solutions Group. FSEG enjoys market leadership positions and strong brand recognition in the food service industry with each of its eight leadership companies: American Foodservice, APW Wyott, Bakers Pride, BKI, Federal Industries, Kool Star, Master-Bilt, Nor-Lake, Inc. and Procon. The group employs 1,500 with manufacturing facilities in Ireland, Mexico, Mississippi, New York, South Carolina, Tennessee, Texas, Wisconsin and Wyoming. In addition to the U.S., FSEG has an established presence in Europe and is developing or expanding distributor relationships in Africa, Asia, Australia and South America.
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Air Distribution Products Group, Engineered Products Group, Engraving Group and Hydraulics Products Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil and China. For additional information, visit the company's website at www.standex.com.