Standex To Buy OKI Sensor Device

(RTTNews) - Standex International Corp.(SXI) said that it has entered into a definitive agreement with Japan-based OKI Electric Industry Co., Ltd. to acquire its wholly owned subsidiary, OKI Sensor Device Corp. Terms of the transaction were not disclosed.

OKI Sensor Device is a designer and supplier of magnetic reed switches. It recorded revenue of approximately ¥6.8 billion or approximately $56 million for its most recently concluded fiscal year ended March 31, 2016 with approximately $12.9 million of this revenue comprised of sales to Standex Electronics.

The acquisition, which is anticipated to close on or about March 31, 2017, subject to required regulatory approvals, should be accretive to earnings per share by $0.08-$0.11 in fiscal 2017 and $0.40-$0.44 in fiscal 2018, net of purchase accounting and acquisition costs.