−Removed: Standex International Corporation was incorporated in 1975 and is the successor of a corporation organized in 1955.
−Removed: As used in this report, the terms “we,”
−Removed: “us,”
−Removed: “our,”
−Removed: the “Company”
−Removed: and “Standex”
−Removed: mean Standex International Corporation and its subsidiaries.
+Added: Standex International Corporation and subsidiaries ("we," "us," "our," the "Company" and "Standex" is a diversified industrial manufacturer with leading positions in a variety of products and services that are used in diverse commercial and industrial markets.
+Added: Headquartered in Salem, New Hampshire, we have seven operating segments aggregated into five reportable segments:
+Added: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions.
+Added: Three operating segments are aggregated into Specialty Solutions. Our businesses work in close partnership with our customers to deliver custom solutions or engineered components that solve their unique and specific needs, an approach we call "Customer Intimacy."
+Added: Standex was incorporated in 1975 and is the successor of a corporation organized in 1955.
We have paid dividends each quarter since Standex became a public corporation in November 1964.
−Removed: Overall management, strategic development and financial control are led by the executive staff at our corporate headquarters in Salem, New Hampshire.
+Added: Overall management, strategic development and financial control are led by the executive staff at our corporate headquarters.
+Added: Our growth strategy is focused on four key areas:
+Added: (1) Increasing our presence in rapidly growing markets and applications (2) executing new product development in both core and adjacent market applications;
+Added: (3) expanding geographically where meaningful business opportunities exist;
+Added: and (4) undertaking strategically aligned acquisitions that strengthen and/or expand these core businesses.
+Added: We direct our investments towards markets with long term, secular growth prospects such as renewable energy, electric vehicles, smart power grid, military and defense and life sciences. 
Unless otherwise noted, references to years are to fiscal years.
−Removed: Currently our fiscal year end is June 30. 
−Removed: For further clarity, our fiscal year 2021 includes the twelve-month period from July 1, 2020 to June 30, 2021.
−Removed: We are a diversified industrial manufacturer with leading positions in a variety of products and services that are used in diverse commercial and industrial markets. We have seven operating segments aggregated into five reportable segments:
−Removed: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions.
−Removed: Three operating segments are aggregated into Specialty Solutions. Our segments differentiate themselves by collaborating with our customers in order to develop and deliver custom solutions or engineered components that solve problems for our customers or otherwise meet their needs (a business model we refer to as “Customer Intimacy”). 
−Removed: Our long-term strategy is to enhance shareholder value by building larger, more profitable focused industrial platforms through our Standex Value Creation System that assists management in meeting specific corporate and business unit financial and strategic performance goals in order to create, improve, and enhance shareholder value.
−Removed: In so doing, we expect to focus our financial assets and managerial resources on our higher growth and operating margin businesses while considering divestiture of those businesses that we feel are not strategic or do not meet our growth and return expectations. 
−Removed: The Standex Value Creation System is a methodology which provides standard work and consistent tools used throughout the Company in order to achieve our organization’s goals.
−Removed: The Standex Value Creation System employs four components:
−Removed: Balanced Performance Plan, Growth Disciplines, Operational Excellence, and Talent Management.
−Removed: The Balanced Performance Plan process aligns annual goals throughout the Company and provides a standard reporting, management and review process. 
−Removed: It is focused on setting, tracking and reviewing annual and quarterly targets that support our short and long-term goals. 
−Removed: The Growth Disciplines use a standard playbook of tools and processes including market maps, market tests and growth laneways to identify, explore and execute on opportunities that expand the business organically and through acquisitions. 
−Removed: Operational Excellence also employs a standard playbook of tools and processes, based on LEAN, to improve operating execution (effectiveness), eliminate waste (efficiency) and thereby improve profitability, cash flow and customer satisfaction. 
−Removed: Finally, Talent Management is an organizational development process that provides recruitment, training, development, and succession planning for employees throughout our worldwide organization. 
−Removed: Through the use of our Standex Value Creation System, we have developed a balanced approach to value creation. 
−Removed: We intend to continue investing acquisition capital in high margin and growth businesses, and we will continue to support all of our businesses as they enhance value through deployment of the Standex Valuation Creation System.
−Removed: It is our objective to grow larger and more profitable business units through both organic initiatives and acquisitions. 
−Removed: We seek to identify and implement organic growth initiatives such as new product development, geographic expansion, and the introduction of products and technologies into new markets, key accounts and strategic sales channel partners. 
−Removed: Also, we have a long-term objective to create sizable business platforms by adding strategically aligned or “bolt on”
−Removed: acquisitions to strengthen the individual businesses, create both sales and cost synergies with our core business platforms, and accelerate their growth and margin improvement.
−Removed: 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. 
−Removed: 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.
−Removed: Our objective to grow larger and more profitable business platforms also relies upon Operational Excellence, which drives continuous improvement and thereby margin expansion of our businesses.
−Removed: We recognize that our businesses are competing in a global economy that requires us to improve our competitive position, and we continue to deploy these capabilities to drive improvements in the cost structure of our businesses.
−Removed: These efforts include but are not limited to the application of LEAN, the use of low cost manufacturing facilities in countries such as Mexico, China, and India, the consolidation of manufacturing facilities to achieve economies of scale and leveraging of fixed infrastructure costs, the use of alternate sourcing to achieve procurement cost reductions, and the investment of capital to increase productivity in both the shop floor and back-office.
+Added: Currently our fiscal year end is June 30. Our fiscal year 2022 includes the twelve-month period from July 1, 2021 to June 30, 2022.
+Added: Our long-term business strategy is to create, improve, and enhance shareholder value by building more profitable, focused industrial platforms through our Standex Value Creation System. This methodology employs four components:
+Added: Balanced Performance Plan, Growth Disciplines, Operational Excellence, and Talent Management and provides both a company-wide framework and tools used to achieve our goals. We intend to continue investing organically and inorganically in high margin and growth businesses using this balanced and proven approach.
+Added: It is our objective to grow larger and more profitable business units through both organic and inorganic initiatives.
+Added: We have a particular focus on identifying and investing in opportunities that complement our products and will increase the overall scale, global presence and capabilities of our businesses. 
+Added: We recently established an innovation and technology function focused on accelerating new, longer-term growth opportunities for emerging technologies, including our ongoing development project with a global renewable energy company.
+Added: We continue to execute on acquisitions where strategically aligned with our businesses and where the opportunity meets our investment metrics.
+Added: 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.
The Company’s strong historical cash flow has been a cornerstone for funding our capital allocation strategy. 
−Removed: We use cash flow generated from operations to fund investments in capital assets to upgrade our facilities, improve productivity and lower costs, invest in the strategic growth programs described above, including organic growth and acquisitions, and to return cash to our shareholders through payment of dividends and stock buybacks. 
+Added: We use cash flow generated from operations to fund investments in capital assets to upgrade our facilities, improve productivity and lower costs, invest in the strategic growth programs described above, including organic and inorganic growth, and to return cash to our shareholders through payment of dividends and stock buybacks. 
Please visit our website at www.standex.com to learn more about us or to review our most recent SEC filings.
2 unchanged sentences
Electronics  
−Removed: Our Electronics group is a global component and value-added solutions provider of both sensing and switching technologies along with magnetic power conversion components and assemblies.
−Removed: We are focused on designing, engineering, and manufacturing innovative solutions, components and assemblies to solve our customers’
−Removed: application needs with a commitment to a customer first attitude through our Partner/Solve/Deliver®
+Added: Our Electronics group is a global component and value-added solutions provider of both sensing and switching technologies as well as magnetic power conversion components and assemblies.
+Added: Electronics competes on the basis of Customer Intimacy by designing, engineering, and manufacturing innovative solutions, components and assemblies to solve our customers’
+Added: application needs through our Partner/Solve/Deliver®
approach. 
−Removed: Our approach allows us to expand the business through pursuing organic growth with our current customers, developing new products and technologies for both new and existing customers, driving geographic expansion, and pursuing inorganic growth through strategic acquisitions.
+Added: Our approach allows us to expand the business through organic growth with current customers as well as developing new products, driving geographic expansion, and pursuing inorganic growth through strategic acquisitions.
Components are manufactured in plants located in the U.S., Mexico, the U.K., Germany, Japan, China and India.
Markets and Applications
−Removed: Our diverse and highly engineered products and solutions and vertically integrated manufacturing capabilities are vital to an array of markets and provide safe and efficient power transformation, current monitoring, and isolation, as well as sensors and relays to monitor systems for function and safety.
+Added: Our highly engineered products and vertically integrated manufacturing capabilities provide solutions to an array of markets and provide safe and efficient power transformation, current monitoring, and isolation, as well as switch, sensor and relay solutions to monitor systems for function and safety.
The end-user of our engineered solution is typically an original equipment manufacturer (“OEM”) or industrial equipment manufacturer.
−Removed: End-user markets include, but are not limited to, smart-grid, alternative energy, appliances, HVAC, security, military, medical, aerospace, test and measurement, power distribution, transportation and general industrial applications.
−Removed: Business unit names are Standex Electronics, Standex-Meder Electronics, Renco Electronics, Northlake Engineering, Agile Magnetics, Standex Electronics Japan, and the MEDER, KENT, and KOFU reed switch brands.
−Removed: Our sensing products employ technologies such as reed switch, Hall effect, inductive, conductive and other technologies.
+Added: End-user markets include, but are not limited to, appliances, electrification (electric vehicles, solar, smart-grid, alternative energy), security, military, medical, aerospace, test and measurement, power distribution, transportation, and general industrial applications.
+Added: Business unit names are Standex Electronics, Standex-Meder Electronics, Renco Electronics, Northlake Engineering, Agile Magnetics, Sensor Solutions, Standex Electronics Japan. Other associated brand names include the MEDER, KENT, and KOFU reed switch brands.
+Added: Our sensing products employ reed switch, Hall effect, inductive, conductive and other technologies.
Sensing based solutions include reed relays, fluid level, proximity, motion, flow, HVAC condensate as well as custom electronic sensors containing our core technologies.
The magnetics or power conversion products include custom wound transformers and inductors for low and high frequency applications, current sense technology, advanced planar transformer technology, value added assemblies, and mechanical packaging.
−Removed: The business sells to a wide variety of industrial, medical, power, automotive and consumer goods customers globally through a direct sales force, regional sales managers, and field applications engineers, commissioned agents, representative groups, and distribution channels.
−Removed: Engraving creates custom textures and surface finishes on tooling to enhance the beauty and function of a wide range of consumer goods and automotive products.
+Added: The business sells globally to a wide variety of mainly OEM customers focused in the end markets noted previously through a direct sales force, regional sales managers, field applications engineers, commissioned agents, representative groups, and distribution channels.
+Added: Our Engraving group is a global creator and provider of custom textures and surface finishes on tooling that enhance the beauty and function of a wide range of consumer good and automotive products.
We focus on continuing to meet the needs of a changing marketplace by offering experienced craftsmanship while investing in new technologies such as laser engraving and soft surface skin texturized tooling.
−Removed: Our growth strategy is to continue to develop new technologies to enhance surface textures, both organically and with bolt-on acquisitions. We are one company operating in 23 countries using a consistent approach to guarantee harmony on global programs in service of our customers.
+Added: Our growth strategy is to continue to develop and/or acquire new technologies to enhance surface textures that also allow our customers to introduce more sustainable manufacturing processes and reduce their own energy consumption. We are one company operating in 19 countries using a consistent approach to guarantee harmony on global programs in service of our customers.
Markets and Applications
3 unchanged sentences
In addition to the Mold Tech brand, Engraving companies and brands also include:
−Removed: Piazza Rosa and World Client Services which both offer laser engraving and tool finishing in Europe and Mexico.
+Added: Piazza Rosa and World Client Services (WCS), which both offer laser engraving and tool finishing in Europe and Mexico.
Tenibac-Graphion, which provides additional texturizing and prototyping capabilities in North America and China.
GS Engineering, which employs advanced processes and technology to rapidly produce molds for the creation of soft-touch surfaces.
−Removed: Innovent, located in North America and Europe, which is a specialized supplier of tools and machines used to produce diapers and products that contain absorbent materials between layers of non-woven fabric.
+Added: Innovent, which is a specialized supplier of tools and machines used to produce diapers and products that contain absorbent materials between layers of non-woven fabric.
Products and Services
12 unchanged sentences
These services include laser micro-welding, polishing and lapping, laser cladding to accommodate engineering changes, mold assembly, tool management, maintenance, texture repair and on-site support.
−Removed: Soft Trim Tooling and nickel shell molds are used to produce soft surfaces that emulate the feel of natural materials. 
+Added: Soft Trim Tooling and nickel shell molds are used to produce soft surfaces that emulate the feel of natural materials.
+Added: The IMG process we support consumes significantly less energy in our customers' operations than the traditional slush molding process.
The Engraving business has become the global leader providing these products and services by offering a full range of services to automotive OEM’s, product designers, Tier 1 suppliers, and toolmakers all around the world.
−Removed: The Scientific business is a provider of specialty temperature-controlled equipment for the medical, scientific, pharmaceutical, biotech and industrial markets.
+Added: Our Scientific business is a provider of specialty temperature-controlled equipment for the medical, scientific, pharmaceutical, biotech and industrial markets.
The group designs and produces its products in Summerville, SC.
Our product portfolio is used to control the temperatures of critical healthcare products, medications, vaccines and laboratory samples. 
−Removed: We focus on solving customer problems for these critical applications and deliver innovative products and solutions meeting the unique needs of our customers.
+Added: We focus on solving customer problems for these critical applications and deliver innovative products and solutions meeting both exacting regulatory requirements and the unique needs of our customers.
Markets and Applications
−Removed: The scientific and healthcare equipment that we design and manufacture is used in hospitals, pharmacies, clinical laboratories, reference laboratories, physicians’
−Removed: offices, life science laboratories, government facilities, and industrial testing laboratories. 
+Added: The scientific and healthcare equipment that we design, assemble and manufacture is used in hospitals, pharmacies, clinical laboratories, reference laboratories, physicians’
+Added: offices, life science laboratories, government and academic facilities, and industrial testing laboratories. 
Our product offerings include:
Laboratory and medical grade refrigerators, freezers and accessories,
−Removed: Cryogenic storage tanks and accessories,
+Added: Cryogenic storage tanks and accessories, and
Environmental stability chambers and incubators.
−Removed: Our products are sold under a number of different brands including American BioTech Supply (ABS), Lab Research Products (LRP), Cryosafe, and CryoGuard.
+Added: Our products are sold under various brands including American BioTech Supply (ABS), Lab Research Products (LRP),Corepoint, Cryosafe, CryoGuard, and Scientific.
Scientific products are sold to medical and laboratory distributors, healthcare facilities, research universities, pharmaceutical companies, and pharmacies.
Engineering Technologies
−Removed: The Engineering Technologies Group is a provider of innovative, metal-formed solutions for OEM and Tier 1 manufacturers for their advanced engineering designs.
−Removed: Our solutions seek to reduce input weight, material cost, part count, and complexity for unique customer design challenges involving all formable materials with particular focus on large dimensions, large thickness or thin-wall construction, complex shapes and contours, and/or single-piece construction requirements.
+Added: Our Engineering Technologies Group is a provider of innovative, metal-formed solutions for OEM and Tier 1 manufacturers for use in their advanced engineering designs.
+Added: Our solutions seek to address unique customer design challenges such as reduction of input weight, material cost, part count, and complexity involving all formable materials with particular focus on large dimensions, large thickness or thin-wall construction, complex shapes and contours, and/or single-piece construction requirements.
Engineering Technologies devises and manufactures these cost-effective components and assemblies by combining a portfolio of best-in-class forming technologies and technical experience, vertically integrated manufacturing processes, and group wide technical and design expertise.
1 unchanged sentence
Our segment is comprised of our Spincraft businesses with locations in Billerica, MA, New Berlin, WI, and Newcastle upon Tyne in the U.K.
−Removed: This business unit’s brand name is Spincraft.
+Added: This group's brand name is Spincraft.
Markets and Applications
6 unchanged sentences
Specialty Solutions
−Removed: Specialty Solutions is a collection of our three remaining businesses:
+Added: Specialty Solutions is a collection of three businesses:
Federal Industries, Procon, and Custom Hoists.
−Removed: These businesses differentiate themselves in their respective markets by collaborating with our customers in order to develop and deliver custom solutions. 
+Added: These businesses differentiate themselves in their respective markets by collaborating with customers to develop and deliver custom solutions. 
Federal Industries provides merchandising solutions to retail and food service customers whose revenue stream is enhanced through food presentation.
3 unchanged sentences
This differentiator is used to target the convenience store, school cafeterias and quick-service restaurant segments.
−Removed: Procon is a global supplier of pump solutions to the beverage, medical, welding and ink markets.
+Added: Procon is a global supplier of pump solutions to the beverage, water, medical, welding and ink markets.
Through collaboration between our customers and our product development teams, we provide custom fluid pumping solutions to OEM manufacturers, and aftermarket distributors.
12 unchanged sentences
Federal custom designs and manufactures refrigerated, heated and dry merchandising display cases for bakery, deli, confectionary and packaged food products utilized in restaurants, convenience stores, quick-service restaurants, supermarkets, drug stores and institutions such as hotels, hospitals, and school cafeterias.
−Removed: Procon custom fluid pump solutions are sold into the global carbonation, coffee, and beer chilling beverage markets as well as reverse osmosis water treatment, medical, welding, and industrial ink-jet printer markets.
−Removed: Industries that utilize Custom Hoists' single and double acting telescopic and piston rod hydraulic cylinders include construction equipment, refuse, airline support, mining, oil and gas, and other material handling applications. 
+Added: Procon designs and manufactures custom fluid pump solutions that are sold into the global carbonation, coffee, and beer chilling beverage markets as well as reverse osmosis water treatment, medical, welding, and industrial ink-jet printer markets.
+Added: Custom Hoists' designs and manufactures single and double acting telescopic and piston rod hydraulic cylinders for original and aftermarket use in construction equipment, refuse, airline support, mining, oil and gas, and other material handling applications. 
We also sell specialty pneumatic cylinders and promote complete wet line kits, which are complete hydraulic systems that include a pump, valves, hoses and fittings. 
6 unchanged sentences
Competitors include domestic and foreign producers of the same and similar products.
−Removed: The principal methods of competition are product performance and technology, price, delivery schedule, quality of services, and other terms and conditions.
+Added: The principal methods of competition are industry and design expertise, product performance and technology, price, delivery schedule, quality of services, and other terms and conditions.
+Added: Standex competes on the basis of Customer Intimacy in which our teams work as extensions of our customers organizations to apply our expertise and technology to address needs with customer solutions.
International Operations
−Removed: International operations are conducted at 41 locations, in Europe, Canada, China, Japan, India, Southeast Asia, Korea, Mexico, Brazil, and South Africa.
+Added: International operations are conducted at 41 locations, in Europe, Canada, China, Japan, India, Southeast Asia, Korea, Mexico, Brazil, and South Africa.
See the Notes to Consolidated Financial Statements for international operations financial data.
12 unchanged sentences
As of June 30, 2022, we employ approximately 3,800 employees of which approximately 1,200 are in the United States.
−Removed: About 200 of our U.S.
+Added: About 200 of our U.S.
employees are represented by unions.
13 unchanged sentences
Annemarie Bell
−Removed: Vice President, Chief Human Resources Officer since July 2021, Vice President of Human Resources since June 2019, Interim Vice President of Human Resources from October 2018 through June 2019;
+Added: Vice President, Chief Human Resources Officer since July 2021, Vice President of Human Resources from June 2019 to July 2021, Interim Vice President of Human Resources from October 2018 through June 2019;
Vice President of Human Resources for four of Standex business units from October 2015 through October 2018
−Removed: Vice President of Operations and Supply Chain since February 2020, Integration Leader and Senior Vice President of Operations for Hillenbrand Inc.
−Removed: from June 2017 to February 2020, several management roles with Steel Partners Holdings from September 2011 to June 2017 including GM Industrial/Commercial Products from July 2015 to June 2017. 
+Added: Flavio Maschera
+Added: Vice President, Chief Innovation & Technology Officer since October 2021;
+Added: President of Standex Engraving from 2016 through 2021.
The executive officers are elected each year at the first meeting of the Board of Directors subsequent to the annual meeting of stockholders, to serve for one-year terms of office.
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.