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Standex acquires Renco Electronics
Standex International Corporation has acquired privately-held, Florida-based Renco Electronics for approximately USD 28 million in cash with an additional three-year earnout payment based upon achieving certain financial targets.
"We are very pleased to have acquired Renco Electronics, a great strategic fit, deepening our significant engineering and technical expertise in end markets supported by strong engineer-to-engineer relationships. In addition, Renco's end markets and customer base in areas such as consumer and industrial are highly complementary to our existing business with the potential to further expand key account relationships and capitalize on cross selling opportunities between the two companies. Renco's design and manufacturing cycle is extremely efficient, reinforced by a strong global network of proprietary supplier relationships," says President and CEO David Dunbar, in a press release. Renco Electronics designs and manufactures customised as well as standard magnetics components and products including transformers, inductors, chokes and coils for power and RF applications. The products are used in consumer, industrial, military, and aerospace end markets. Renco's trailing twelve-month revenues were approximately USD 28 million. Commenting on the transaction, Edward Rensing, President and CEO of Renco, added "We are excited to join a global leader that provides a strong foundation for our continued growth. Standex's ownership offers us the opportunity to leverage a much broader geographical presence, engineering expertise, complementary product offerings and customer relationships. Founded in 1955, Renco Electronics has approximately 120 employees and is headquartered in Rockledge, Florida with manufacturing facilities in Rockledge and Asia.
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