Standex expects the acquisition of Kool Star to help its Food Service Equipment Group to accelerate sales growth and enhance profitability; increase market penetration of its walk-in cooler and freezer business in the West Coast and Southwest; leverage the new Mexican facility as the first major step in building the company's manufacturing presence there; and further capitalize on its purchasing power.
"This transaction is squarely in line with our strategy of leveraging the strengths of our core businesses and building larger, more profitable operating groups," stated Standex president and CEO Roger Fix. "A key component of that strategy is to acquire companies that can provide operational and cost synergies and can quickly contribute to Standex's growth and profitability. Kool Star is a perfect strategic fit with our Food Service Equipment Group and is an ideal example of the type of company we are seeking."
Publication date: 11/28/2005