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.
−Removed: Headquartered in Salem, New Hampshire, we have seven operating segments aggregated into five reportable segments:
+Added: Headquartered in Salem, New Hampshire, we have six operating segments aggregated into five reportable segments:
Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions.
−Removed: 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: Two 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."
Standex was incorporated in 1975 and is the successor of a corporation organized in 1955.
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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: Products and Services
Our sensing products employ reed switch, Hall effect, inductive, conductive and other technologies.
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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 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.
+Added: Our growth strategy is to continue to develop and/or acquire 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
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Our products are sold under various brands including American BioTech Supply (ABS), Lab Research Products (LRP),Corepoint, Cryosafe, CryoGuard, and Scientific.
+Added: Products and Services
+Added: We manufacture and provide specialty-controlled temperature equipment purpose-built for the medical, scientific, pharmaceutical, biotech and industrial markets.
+Added: Our comprehensive portfolio includes a range of innovative reach in cold storage solutions for medications, vaccines, blood products and patient samples.
Scientific products are sold to medical and laboratory distributors, healthcare facilities, research universities, pharmaceutical companies, and pharmacies.
Engineering Technologies
−Removed: 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 Engineering Technologies Group (ETG) is a provider of innovative, metal-formed solutions for OEM and Tier 1 manufacturers for use in their advanced engineering designs.
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.
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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 group's brand name is Spincraft.
Markets and Applications
Spincraft products serve applications within the space, aviation, defense, energy, medical, and general industrial markets.
−Removed: The space market we serve is comprised of components for space launch systems including fuel tanks, tank domes, combustion liners, nozzles, and crew vehicle structures.
−Removed: The aviation market offerings include a large portfolio of components and assemblies including inlet ducts and lipskins.
−Removed: The defense market we serve covers a wide spectrum of metal applications including missile nose cones and fabrications, large dimension exhaust systems, navy-nuclear propulsion, and engine components for military aircraft
+Added: The space market we serve is comprised of components and assemblies for space launch vehicles, engines, crewed and uncrewed spacecraft and other space infrastructure. 
+Added: The aviation market offerings include a large portfolio of components and assemblies for commercial and private aircraft engines, nacelles and fuel systems.
+Added: The defense market we serve covers a wide spectrum of applications including components for missiles, naval propulsion and structures, large dimension exhaust systems and military aircraft engine solutions.
Applications within the energy market include components and assemblies for new and MRO gas turbines, as well as solutions for oil & gas exploration operations.
+Added: This group's brand name is Spincraft.
+Added: Products and Services
+Added: Fuel tanks and fuel tank domes, rocket engine components, crew vehicle and unmanned spacecraft structures and bulkheads
+Added: Nacelle inlet lipskins & ducts, engine components and fuel tank elements
+Added: Missile nose cones & structures, naval propulsion components and structures, exhaust assemblies, and military aircraft engine & exhaust components
+Added: Power generation turbine & other assemblies, oil & gas exploration connection components
Engineering Technologies components are sold directly to large space, aviation, defense, energy and medical companies, or suppliers to those companies.
Specialty Solutions
−Removed: Specialty Solutions is a collection of three businesses:
−Removed: Federal Industries, Procon, and Custom Hoists.
+Added: Specialty Solutions is comprised of two businesses:
+Added: Federal Industries and Custom Hoists.
These businesses differentiate themselves in their respective markets by collaborating with customers to develop and deliver custom solutions. 
−Removed: Federal Industries provides merchandising solutions to retail and food service customers whose revenue stream is enhanced through food presentation.
−Removed: Federal focuses on the challenges of enabling retail and food service establishments to provide food and beverages that are fresh and appealing while at the same time providing for food safety, and energy efficiency.
+Added: Federal Industries provides merchandising solutions to retail and food service customers whose revenue stream is enhanced through food presentation. Federal Industries focuses on the challenges of enabling retail and food service establishments to provide food and beverages that are fresh and appealing while at the same time providing for food safety, and energy efficiency.
Our key differentiator is the ability to customize products to match customers’
décor within industry lead-time.
−Removed: 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, water, medical, welding and ink markets.
−Removed: Through collaboration between our customers and our product development teams, we provide custom fluid pumping solutions to OEM manufacturers, and aftermarket distributors.
−Removed: We manufacture globally, utilizing the latest techniques and processes to ensure the highest quality and acute attention to detail in order for our products to meet the demands of the applications and environmental conditions required by our customers.
+Added: This differentiator is used to target the convenience store, school cafeterias and quick-service restaurant segments.
Custom Hoists is a supplier of engineered hydraulic cylinders that meet customer specific requirements for demanding applications.
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Our team is dedicated to superior customer service through our technical engineering support and on-time delivery.  
−Removed: Specialty Solutions Locations
−Removed: Specialty Solutions products are designed and/or manufactured in Hayesville, OH;
−Removed: Belleville, WI;
−Removed: Tianjin, China;
−Removed: and Mountmellick, Ireland.
+Added: Specialty Solutions products are designed and/or manufactured in Hayesville, OH; Belleville, WI;
+Added: and Tianjin, China.
Markets and Applications
−Removed: 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 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.
−Removed: 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. 
−Removed: 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. 
−Removed: Our products are utilized by OEMs on vehicles such as dump trucks, dump trailers, bottom dumps, garbage trucks (both recycling and rear loader), container roll off vehicles, hook lift trucks, liquid waste handlers, vacuum trucks, compactors, balers, airport catering vehicles, container handling equipment for airlines, lift trucks, yard tractors, and underground mining vehicles. 
+Added: Federal Industries 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.
+Added: Custom Hoist products are utilized by OEMs on vehicles such as dump trucks, dump trailers, bottom dumps, garbage trucks (both recycling and rear loader), container roll off vehicles, hook lift trucks, liquid waste handlers, vacuum trucks, compactors, balers, airport catering vehicles, container handling equipment for airlines, lift trucks, yard tractors, and underground mining vehicles. 
+Added: Federal Industries products are sold under the Federal brand. 
+Added: Custom Hoists products are sold under the Custom Hoist brand. 
+Added: Products and Services
+Added: Federal Industries offers a selection of display cases, including innovative customization, for fresh food merchandising requirements. 
+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.  
Specialty Solutions products are sold to OEMs, distributors, service organizations, aftermarket repair outlets, end-users, dealers, buying groups, consultants, government agencies and manufacturers.
+Added: The following provides a description of key areas impacting our Company. 
Working Capital
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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 37 locations, in Europe, Canada, China, Japan, India, Southeast Asia, Korea, Mexico, and South Africa.
See the Notes to Consolidated Financial Statements for international operations financial data.
−Removed: Our net sales from continuing international operations increased from 41% in 2021 to 42% in 2022.
+Added: Our net sales from continuing international operations decreased slightly from 42% in fiscal year  2022 to 39% in fiscal year  2023.
International operations are subject to certain inherent risks in connection with the conduct of business in foreign countries including, exchange controls, price controls, limitations on participation in local enterprises, nationalizations, expropriation and other governmental action, restrictions of repatriation of earnings, and changes in currency exchange rates.
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We develop and design new products to meet customer needs in order to offer enhanced products or to provide customized solutions for customers.
−Removed: Developing new and improved products, broadening the application of established products, and continuing efforts to improve our methods, processes, and equipment continues to drive our success.
−Removed: However, due to the nature of our manufacturing operations and the types of products manufactured, expenditures for research and development are not significant to any individual segment or in the aggregate.
−Removed: Research and development costs are quantified in the Notes to Consolidated Financial Statements. 
+Added: Developing new and improved products, broadening the application of established products, and continuing efforts to improve our methods, processes, and equipment continues to drive our success. Research and development costs are quantified in the Notes to Consolidated Financial Statements. 
Environmental Matters
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Information regarding revenues from external customers attributed to the United States, all foreign countries and any individual foreign country, if material, is contained in the Notes to Consolidated Financial Statements, “Revenue from Contracts with Customers.”
−Removed: Number of Employees
+Added: Human Capital Resources 
+Added: Standex International recognizes that its long, successful history and future opportunities are directly linked to dedicated, engaged and diverse employees that serve the Company in all business operations.
As of June 30, 2023, 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.
−Removed: Approximately 45% of our production workforce is situated in low-cost manufacturing regions such as Mexico and portions of Asia.
+Added: Wages and benefits are competitive with those of other manufacturers in the geographic areas in which our facilities are located.
+Added: We strive to maintain open, two-way communication and build excellent relationships with both our non-union employee population and the various unions and works councils within our business segments.
+Added: Employees participate in regular training programs appropriate for their responsibility and optional training programs have been developed for those who seek professional and personal growth opportunities.
+Added: Our global Standex Safety Council, with representatives from all Standex sites, meets regularly, as we work continuously to enhance our safety culture and closely monitor our Total Recordable Incident Rate. 
+Added: The Company’s Chief Human Resources Officer meets regularly with the Chief Executive Officer to align Human Capital strategy, plan and initiatives with business strategy and goals.
+Added: Our goal is to strive to provide a rewarding employee experience across the company.
+Added: We continuously review our Human Capital Resources metrics, including safety metrics, turnover, and culture survey responses and associated action plans, to promote an emotionally and physically safe and inclusive working environment.
+Added: Our LEAP performance management and development process places emphasis on both manager engagement and employee ownership.
+Added: We regularly conduct employee engagement and satisfaction surveys, including our annual Culture Survey, completed in fiscal year 2023.
+Added: Results from these surveys and engagement activities drive advances in senior management focus to continuously improve our culture and way of working.
+Added: Standex hosts an annual meeting event in the first quarter of the fiscal year with the extended global leadership team, representative of all our business segments and corporate functions, in which participants join together to align on business and culture goals, participate in leadership development training, share best practices and build unity across the company.
+Added: The Company established the Inclusion Advisory Council (IAC) as a collaboration of employee voices that helps to inform and align the company’s commitment to inclusivity and represents the diverse world in which we live and engage with our employees, communities, customers and shareholders.
+Added: The IAC provides operational input and guidance to the Executive Leadership Team in three areas. 
+Added: First, the IAC sets global goals and objectives to promote inclusivity and diversity. 
+Added: Second, the IAC collaborates with Corporate Communications and the global Standex community to help develop internal and external communications highlighting the work and progress of the IAC. 
+Added: Finally, the IAC champions the adoption and implementation of IAC initiatives and projects within our respective businesses.
+Added: We also launched our Women and Leadership Employee Resource Group in fiscal year 2023, which aims to continue increasing representation of women at all levels to contribute to the Company’s business success through relationships, and partnerships.
Executive Officers of Standex
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Vice President, Chief Accounting Officer and Assistant Treasurer of the Company since October 2007.
−Removed: Vice President of Strategy and Business Development since July 2015.
Annemarie Bell
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Vice President of Human Resources for four of Standex business units from October 2015 through October 2018
−Removed: Flavio Maschera
−Removed: Vice President, Chief Innovation & Technology Officer since October 2021;
−Removed: 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.
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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.