ALEM, N.H.--(BUSINESS WIRE)--Standex International Corporation (NYSE:SXI) today announced that it has acquired Italy-based Piazza Rosa Group, a leading provider of mold and tool treatment and finishing services for the automotive and consumer products markets. Privately held Piazza Rosa Group reported consolidated revenues of €9.4M for the year ended December 31, 2016. The acquisition is expected to be accretive to earnings per share of $0.02-$0.03 in fiscal year 2018 and $0.06-$0.07 in fiscal year 2019, excluding purchase accounting and acquisition costs. Piazza Rosa’s senior management team will be continuing with the company. Other terms of the transaction were not disclosed.
“Piazza Rosa’s market leading capabilities include polishing, laser welding, laser hardening, laser cladding and repair / maintenance services. The combination of these competencies with Standex Engraving’s worldwide presence and texturizing capabilities creates a global tool finishing service leader and opens additional opportunities in the broader surface engineering market,” said Standex Chief Executive Officer David Dunbar. “Piazza Rosa’s treatment and finishing services are highly complementary to our capabilities and provide us with an opportunity to drive sales and profitability growth by offering additional value to our customers around the globe. We welcome Piazza Rosa’s management and team of approximately 140 employees to the Standex family.”
“The ability to quickly incorporate Piazza Rosa’s capabilities across our network in approximately 40 countries is a powerful opportunity,” said Standex Engraving President Flavio Maschera. “Piazza Rosa’s offerings will provide significant value to our combined customers across automotive, packaging and consumer end markets.”
“We look forward to providing our best-in-class finishing services to Standex’s global customer base,” said Demis Zanon, who will continue to lead the Group. “Standex has an exemplary reputation in the market and we are proud to be joining forces to provide a comprehensive suite of services to our combined customer base.”
About Piazza Rosa Group
Headquartered outside of Venice, Italy, Piazza Rosa S.r.l. was founded in 1983 by the Zanon family, and its subsidiary, WCS S.r.l., was founded in 2010 by the Zanon family and Mr. Daniele Rossi. Together, these entities comprise Piazza Rosa Group. Piazza Rosa Group operates three facilities in Italy, one facility in Romania, and one facility in Mexico. For additional information, visit the Group’s website at http://www.piazzarosa-wcs.com.
About Standex
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment, Engineering Technologies, Engraving, Electronics, and Hydraulics with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, Argentina, Turkey, South Africa, India, Japan and China. For additional information, visit the Company's website at http://standex.com/.
