Ad
Ad
Ad
© mailthepic dreamstime.com Business | February 03, 2017

Standex expands in Asia by acquiring OKI Sensor Device

Standex International Corporation has entered into a definitive agreement with Japan-based OKI Electric Industry to acquire its subsidiary, OKI Sensor Device Corporation.
Terms of the transaction have not been disclosed but what we do know is that OKI Sensor Device recorded revenue of approximately JPY 6.8 billion (approximately USD 56 million) for its most recently concluded fiscal year ended March 31, 2016 with approximately USD 12.9 million of this revenue was made up by sales to Standex Electronics.

The acquisition is expected to close on March 31, 2017, and is as usual subject to required regulatory approvals.

“OKI Sensor Device is recognized throughout the world for its production of robust, high quality magnetic reed switches, while our Standex Electronics business is known for its ability to deliver custom engineered sensor and electro-magnetic solutions to customers in the automotive, aerospace, medical, industrial and appliance markets,” said Standex CEO David Dunbar.

Dunbar continued saying that “The acquisition enhances our access to important Asian markets. In addition, by leveraging combined engineering, manufacturing and sales capabilities, we will be able to provide customers with a world class suite of reed switches and related magnetic solutions while continuing to serve OKI Sensor Device’s diverse distribution channels.”

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Load more news
August 13 2017 4:10 PM V8.5.9-1