We have a long-term objective to create sizable business platforms by adding strategically aligned or “bolt on” acquisitions to strengthen the individual businesses, create both sales and cost synergies with our core business platforms, and accelerate business unit growth and margin improvement. We have a particular focus on identifying and investing in opportunities that complement our products and will increase the global presence and capabilities of our businesses. From time to time, we have divested, and likely will continue to divest, businesses that we feel are not strategic or do not meet our growth and return expectations. By maintaining a diverse and strong portfolio of businesses, we are well-positioned to sustain strong shareholder value. Through execution of our value creation system, we have paid dividends each quarter since Standex became a public corporation in 1964.
Standex has acquired and continues to acquire businesses that are strategically significant to the future growth prospects of the Company. In 2016, Standex acquired Northlake, a Wisconsin-based designer, manufacturer and distributor of high reliability electromagnetic products and solutions serving the North America power distribution and medical equipment markets. In early 2017, the Company acquired Horizon Scientific, a supplier of laboratory refrigerators and freezers, as well as cryogenic equipment for the scientific, bio-medical and pharmaceutical markets to enhance Standex’s penetration of the refrigeration markets in the growing scientific sector. In the latter half of 2017, the Company acquired all of the outstanding shares of OKI Sensor Device Corporation from OKI Electric Industry Co., Ltd. Now named Standex Electronics Japan Corporation, the acquisition enhances the Company’s access to important Asian markets and enables the Company to offer a world class suite of reed switches and related magnetic solutions while continuing to serve Standex Electronics Japan’s diverse distribution channels. Since September 2018, Standex has acquired Tenibac-Graphion, Inc. to strengthen the Engraving group and provide even more services to customers of the Engraving group, and has acquired Agile Magnetics, a high-reliability custom magnetics company. In line with the Company’s strategy, each of these acquisitions strengthened Standex’s market leadership, enabled the Company to pursue new growth opportunities, and provided significant operational synergies.
Standex plans to leverage the combined strengths of these businesses to further penetrate current markets and to enter new geographic and vertical markets. Standex will continue to make acquisitions that are synergistic with its current operating groups, and that can add to Standex’s core strength and quickly contribute to profitability.