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Standex Names Thomas J. Hansen as New Independent Director
March 26, 2013
SALEM, N.H.--(BUSINESS WIRE)--Mar. 26, 2013-- Standex International Corporation (NYSE:SXI) today announced that its Board of Directors has appointed Thomas J. Hansen as a new member of the Board, effective March 20, 2013. Mr. Hansen’s appointment will increase the number of directors from eight to nine. Mr. Hansen will stand for election by the shareholders to a full three-year term as a director at the Company’s next Annual Meeting of Shareholders, which will occur following the end of the Company’s current fiscal year.
Until his retirement in March 2012, Hansen was the vice chairman of Illinois Tool Works Inc. (ITW), where he had been responsible for the company’s Worldwide Automotive Components and Fasteners business, its Construction Products and Fluids & Polymers businesses, as well as its Industrial Metal and Plastics businesses.
“The automotive and industrial manufacturing insight that Tom has gained during his long and distinguished career at ITW will be of immense value to Standex as the Company executes on its focused diversity strategy in the years ahead,” said Edward Trainor , Chairman of the Board. “Tom’s qualifications – particularly his experience with highly engineered product manufacturing – made him an ideal candidate to serve as an independent director, and we welcome him to the Standex board.”
“Tom’s broad end-market knowledge is particularly well-aligned with our current business portfolio and with the sectors that Standex is targeting for new opportunities for long-term growth,” said Standex President and Chief Executive Officer Roger Fix . “In addition, we expect Standex to benefit from Tom’s extensive experience in closing and integrating strategic acquisitions. We are delighted that he has agreed to join us, and we look forward to the perspective he will bring to the board in the years ahead.” 1
Hansen joined ITW in 1980 as sales and marketing manager of the Shakeproof Industrial Products business, which manufactures fasteners for general industrial markets, and was named general manager of the business in 1983. He was promoted to vice president and general manager of ITW’s North American Industrial Metal Fastener and Buckle Divisions in 1986. He was named president of ITW’s North American Industrial and Automotive fastener businesses in 1990 and appointed president of its Worldwide Metal Fastener and Components businesses in 1993. Prior to his election as vice chairman in 2006, Hansen served as executive vice president with responsibility for ITW’s Worldwide Metal and Plastic Fastener and Components businesses, Fluids & Polymers and Construction businesses, as well as its Industrial Metals and Plastic segment.
Hansen received a Bachelor of Science Degree in Marketing from Northern Illinois University and a Master of Arts Degree in Business Administration from Governors State University. Before joining ITW, he was employed at Singer Controls, now a division of Invensys, in a variety of assignments including regional sales manager and plant manager, and at GE as a zone sales manager. He currently serves as a member of the board of directors of Terexand Mueller Water Products.
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Engineering Technologies Group, Engraving Group, Electronics Products Group, and Hydraulics Products Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil,Argentina, Turkey, South Africa, Korea, India and China. For additional information, visit the Company's website atwww.standex.com.
1 Safe Harbor Language
Statements in this news release include, or may be based upon, management's current expectations, estimates and/or projections about Standex's markets and industries. These statements are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may materially differ from those indicated by such forward-looking statements as a result of certain risks, uncertainties and assumptions that are difficult to predict. Among the factors that could cause actual results to differ are the impact of implementation of government regulations and programs affecting our businesses, legal judgments, fines or settlements in excess of those presently anticipated, uncertainty in conditions in the financial and banking markets, general domestic and international economy including more specifically increases in raw material costs, the ability to substitute less expensive alternative raw materials, the heavy construction vehicle market, the ability to continue to successfully implement productivity improvements, increase market share, access new markets, introduce new products, enhance our presence in strategic channels, the successful expansion and automation of manufacturing capabilities and diversification efforts in emerging markets, the ability to continue to achieve cost savings through lean manufacturing, cost reduction activities, and low cost sourcing, effective completion of plant consolidations, successful completion and integration of acquisitions and the other factors discussed in the Annual Report ofStandex on Form 10-K for the fiscal year ending June 30, 2012, which is on file with the Securities and Exchange Commission, and any subsequent periodic reports filed by the Company with the Securities and Exchange Commission. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.
Source: Standex International Corporation
Thomas DeByle, CFO, 603-893-9701