Standex International (SXI) Acquires Lab Refrigerator, Freezer Supplier Horizon Scientific
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Standex International Corporation (NYSE: SXI) announced that it has acquired South Carolina-based Horizon Scientific, Inc., a supplier of laboratory refrigerators and freezers, as well as cryogenic equipment for the scientific, bio-medical and pharmaceutical markets. Terms of the transaction were not disclosed. Horizon Scientific recorded revenue of approximately $28 million for the trailing 12 months ended September 2016. The acquisition is expected to be accretive to earnings per share by $0.01-$0.02 in fiscal 2017 and $0.07-$0.09 in fiscal 2018, net of purchase accounting and acquisition costs.
“Horizon Scientific enhances Standex’s penetration of the higher margin refrigeration markets represented by the growing scientific sector,” said Standex Chief Executive Officer David Dunbar. “We look forward to offering Horizon Scientific’s well respected products, and working with its customer base and channel partners to expand sales of Standex’s NorLake® Scientific brand into these markets. Horizon Scientific brings us an experienced management team and we welcome the opportunity to build a stronger position in these key markets together.”
“Becoming part of Standex will enable us to achieve Horizon Scientific’s strategic growth objectives faster than we could as an independent company,” said Horizon Scientific Founder and Chief Executive Officer Greg Deutschmann. “We now have access to much broader engineering and manufacturing capabilities, which will enable us to deliver product ideas and customer solutions more quickly. Our longstanding relationships in the pharma, biotech, hospital, medical school and government industries make Horizon Scientific and Standex a great strategic fit.”
“Horizon Scientific has a deep understanding of its key markets, excellent insight into its sales channels and an ability to develop custom solutions very quickly for customers,” said Standex Food Service Equipment Group President Anne De Greef-Safft. “We welcome the entire Horizon Scientific team to Standex and look forward to working together to expand our product portfolio and customer base.”
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