Standex Acquires Remaining 9.9% Stake in Narayan Powertech for $64 Million
SXI has more than doubled off its 52-week low of $152.64.
Summary
Standex International has acquired the remaining 9.9% interest in India-based Narayan Powertech for approximately $64 million, completing its full ownership of the transformer manufacturer. This strategic move strengthens Standex's position in the electrical grid transformer industry by fully integrating Narayan Powertech and leveraging its global footprint. The company's CEO highlighted the smooth integration of Narayan, indicating positive operational alignment.
At the time of this announcement, SXI was trading at $327.16 on NYSE in the Manufacturing sector, with a market capitalization of approximately $4B. The 52-week trading range was $152.64 to $363.89. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.