SALEM, N.H.--(BUSINESS WIRE)--Standex International Corporation (NYSE:SXI) today announced that it has acquired privately-held Genius Solutions Engineering Company (d/b/a GS Engineering) and affiliated GS Innovation, Inc. GS is a market leader in the manufacture of highly specialized “soft surface” skin texturized tooling, primarily serving the automotive end market. The acquisition is expected to be immediately accretive to earnings. The current GS management team will continue with the Standex Engraving business unit post-closing. GS is based in Maumee, Ohio and has approximately 40 employees. The company was incorporated in 2004.
GS brings Standex Engraving critical proprietary technologies that offer significant advantages in creating tools for “soft surface” components, which are used increasingly in vehicle interiors. The Company specializes in creating IMG (“In-Mold Graining”) molds and tools that are significantly faster to design and produce than those offered by its competitors. The tooling for “soft surface” products offered by GS is highly complementary to Standex Engravings’ current industry-leading capabilities in texturing molds and tools used to create “hard surface” components. Standex Engraving intends to immediately introduce the GS technology across its global production footprint, which will enable customers worldwide to benefit from a combined offering for harmonized designs across a variety of surfaces and materials. Both Standex and GS are united in their plan to achieve this global roll-out plan, and Standex has put in place a five-year, contingent earnout that aligns with these goals to enable the GS management team to participate in the benefits of successful execution.
“This acquisition is a great strategic fit with our existing engraving capabilities and brings innovative, cutting-edge technology to Standex. The GS offering is the best in the market for creating ‘soft surfaces’, one of the faster-growing and higher-margin portions of the global automotive interior market,” said Standex Chief Executive Officer David Dunbar. “We enthusiastically welcome Matt, Grigoriy, and their employees to the Standex family. They will be vital to our ‘soft surface’ roadmap and together we will bring ‘soft surface’ technology to more customers globally.”
“Joining a world-class leader like Standex instantly gives us a global presence, complementary offerings, and broader talent resources to better serve customers,” said the GS founders, Grigoriy Grinberg and Matthew Shade. “We are confident in the combined strategy and believe that Standex provides the right foundation for continued growth.”
About GS Engineering
GS Engineering was founded in 2004 by Grigoriy Grinberg and Matthew Shade. They specialize in the manufacture of rapid texturized tooling (IMG, Spray PU, Powder Slush) for domestic and international automotive OEMs. For additional information, visit the company’s website at www.gsengineering.net .
About Standex
Standex International Corporation is a global, multi-industry manufacturer in five broad business segments: Food Service Equipment, Engineering Technologies, Engraving, Electronics, and Hydraulics. For additional information, visit the Company's website at http://standex.com/.
