Magnetics Business & Technology - January/February 2021 - 29

INDUSTRY NEWS

Standex International Acquires Renco Electronics for $28 Million Cash
Standex International has acquired
custom magnetics manufacturer
Renco Electronics of Rockledge, FL
for $28 million, adding to the string
of magnetics companies acquired by
Standex in recent years. The publiclyheld Standex, headquartered in Salem,
NH, paid cash for the deal plus an additional three-year earnout
payment based upon achieving certain financial targets.

a global company with operations worldwide. Among magnetics companies that have been brought into the Standex group
in recent years are Agile Magnetics, acquired for $39 million in
2018; ATC-Frost Magnetics, which is now Standex Electronics
Canada; StandexMeder Electronics of Germany; OKI Sensor
Device, which is now Standex Electronics Japan; and Northlake
Engineering. For more info, see www.standex.com.

" 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, " said David Dunbar, president and
CEO of Standex, shown above.
" In addition, " he noted " 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. "

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" We are excited to join a global leader that
provides a strong foundation for our continued
growth, " commented Edward Rensing, president
and CEO of Renco. " 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 designs and manufactures customized as well as standard magnetics products including
inductors, transformers,
chokes, coils and subassemblies serving consumer, industrial, military
and aerospace markets.
The company operates
manufacturing facilities
at its headquarters in
Rockledge and in Dongguan City, China. Its most
recent 12-month revenues were about $28 million.
Standex International is a diversified manufacturer
in multiple business segments that include engraving, electronics, engineering technologies, hydraulics, and food service equipment with operations in
many countries.
It is the parent company of Standex Electronics,
a leading manufacturer of magnetic components
and products based in Fairfield, OH, which is itself
www.MagneticsMag.com

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January/February 2021 * Magnetics Business & Technology

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