Standex updates on fire at new Albany warehouse facility

The warehouse, which is leased, comprises approximately 155'000 square feet. Standex says that there were no injuries to its sixteen staff members, although the warehouse facility and its contents have been substantially destroyed. The incident is currently under investigation by local authorities. While the adjacent manufacturing facilities did not suffer any damage and have resumed normal production, there was approximately USD 7 million of damage to the Company’s finished goods and approximately USD 1 million related to ancillary handling equipment. The Company has insurance coverage associated with the damage to the inventory and equipment, a press release reads. “Thankfully, no one was hurt in this incident. I want to recognize the significant efforts of the emergency responders,” says Standex Chief Executive Officer David Dunbar. “Our team is now working diligently to minimize the impact of this incident on our customers as we identify alternative locations for finished goods,” said Dunbar.