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Item 1. Business

2024-08-02 compared with 2023-08-04 · 124 added, 117 removed, 80 unchanged (75% of the section changed)

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.

Headquartered in Salem, New Hampshire, we have six operating segments aggregated into five reportable segments:

Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions.

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 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.

Headquartered in Salem, New Hampshire, we have six operating segments aggregated into five reportable segments:

Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions.

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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Our growth strategy is focused on four key areas:

(1) Increasing our presence in rapidly growing markets and applications (2) executing new product development in both core and adjacent market applications;

(1) Increasing our presence in rapidly growing markets and applications (2) executing new product development in both core and adjacent market applications;

(3) expanding geographically where meaningful business opportunities exist;

and (4) undertaking strategically aligned acquisitions that strengthen and/or expand these core businesses.

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. 

and (4) undertaking strategically aligned acquisitions that strengthen and/or expand these core businesses.

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.

Currently our fiscal year end is June 30. Our fiscal year 2023 includes the twelve-month period from July 1, 2022 to June 30, 2023.

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:

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.

Currently our fiscal year end is June 30.

Our fiscal year 2024 includes the twelve-month period from July 1, 2023 to June 30, 2024.

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:

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.

It is our objective to grow larger and more profitable business units through both organic and inorganic initiatives.

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. 

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.

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.

We continue to execute on acquisitions where strategically aligned with our businesses and where the opportunity meets our investment metrics.

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. 

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. 

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.

Please visit our website at www.standex.com to learn more about us or to review our most recent SEC filings.

The information on our website is for informational purposes only and is not incorporated into this Annual Report on Form 10-K. 

Description of Segments

Electronics  

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.

Electronics competes on the basis of Customer Intimacy by designing, engineering, and manufacturing innovative solutions, components and assemblies to solve our customers’

application needs through our Partner/Solve/Deliver®

approach. 

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.

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.

Electronics competes on the basis of Customer Intimacy by designing, engineering, and manufacturing innovative solutions, components and assemblies to solve our customers’ application needs through our Partner/Solve/Deliver® approach.

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

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.

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.

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.

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.

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.

Business unit names are Standex Electronics, Standex-Meder Electronics, Renco Electronics, Northlake Engineering, Agile Magnetics, Sensor Solutions, Standex Electronics Japan, Minntronix and Sanyu.

Other associated brand names include the MEDER, KENT, and KOFU reed switch brands.

Products and Services

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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.

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.

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.

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.

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.

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.

We are one company operating in 18 countries using a consistent approach to guarantee harmony on global programs in service of our customers.

Markets and Applications

Standex Engraving Mold Tech has become the global leader in its industry by offering a full range of services to OEM’s, Tier 1 suppliers, mold makers and product designers.

Standex Engraving Mold Tech has become the global leader in its industry by offering a full range of services to OEM’s, Tier 1 suppliers, mold makers and product designers.

From start to finish, these services include the design of bespoke textures, the verification of the texture on a prototype, engraving a mold, enhancing and polishing it, and then offering on-site try-out support with ongoing tool maintenance and texture repair capabilities.

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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.

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.

GS Engineering, which employs advanced processes and technology to rapidly produce molds for the creation of soft-touch surfaces.

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

Texturing is achieved with either a laser or a chemical etching technique.

Laser Engraving offers superior features, such as multiple gloss levels, the elimination of paint and optimized scratch performance, and sharp definition for precise geometric patterns.

Chemical Engraving produces carefully designed textures and finishes without seams or distortion.

Laser Engraving offers superior features, such as multiple gloss levels, the elimination of paint and optimized scratch performance, and sharp definition for precise geometric patterns.

Chemical Engraving produces carefully designed textures and finishes without seams or distortion.

Our Digital Transfer Technology offers an exclusive service which guarantees consistency, pattern integrity and texture harmony around the world.

Architexture Design Studio  uses proprietary technology called Model-Tech®

which utilizes proven expertise to create and test custom textures.

Architexture Design Studio uses proprietary technology called Model-Tech® which utilizes proven expertise to create and test custom textures.

During the Model-Tech process, an original texture is first designed to offer beauty and function, which ultimately is used to create a large-format skin that can be wrapped on a model for testing.

Tooling Performance services include the enhancement, finishing and repair of a tool to improve its use during manufacturing.  

Tool Enhancement services increase the wear resistance of the mold.

Processes include advanced tool finishing services, anti-scratch, laser hardening in localized areas, Tribocoat®

and Release Coat.

Tool Finishing and Repair allows customers to achieve outstanding quality while saving valuable time.

Tooling Performance services include the enhancement, finishing and repair of a tool to improve its use during manufacturing.

Tool Enhancement services increase the wear resistance of the mold.

Processes include advanced tool finishing services, anti-scratch, laser hardening in localized areas, Tribocoat® and Release Coat.

Tool Finishing and Repair allows customers to achieve outstanding quality while saving valuable time.

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.

Soft Trim Tooling and nickel shell molds are used to produce soft surfaces that emulate the feel of natural materials.

Soft Trim Tooling and nickel shell molds are used to produce soft surfaces that emulate the feel of natural materials.

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.

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. 

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.

Our Scientific business specializes in providing specialty temperature-controlled equipment for the medical, scientific, pharmaceutical, biotech, and industrial markets.

We design and produce these products in Summerville, SC, ensuring high quality and reliability

We offer a range of products in our portfolio that control the temperatures of critical healthcare products, medications, vaccines, and laboratory samples.

Our focus is on solving customer problems for these critical applications, delivering innovative products and solutions that meet stringent regulatory requirements and the unique needs of our customers.

Markets and Applications

The scientific and healthcare equipment that we design, assemble and manufacture is used in hospitals, pharmacies, clinical laboratories, reference laboratories, physicians’

offices, life science laboratories, government and academic facilities, and industrial testing laboratories. 

The scientific and healthcare equipment that we design, assemble and manufacture is used in hospitals, pharmacies, clinical laboratories, reference laboratories, physicians’ offices, life science laboratories, government and academic facilities, and industrial testing laboratories.

Our product offerings include:

Laboratory and medical grade refrigerators, freezers and accessories,

Cryogenic storage tanks and accessories, and

Cryogenic storage tanks and accessories,

Blood bank refrigerators and plasma freezers,

Ultra low temperature freezers, and

Environmental stability chambers and incubators.

Our products are sold under various brands including American BioTech Supply (ABS), Lab Research Products (LRP),Corepoint, Cryosafe, CryoGuard, and Scientific.

Our products are sold under various brands including American BioTech Supply (ABS), Lab Research Products (LRP),Corepoint, Cryosafe and CryoGuard.

Products and Services

We manufacture and provide specialty-controlled temperature equipment purpose-built for the medical, scientific, pharmaceutical, biotech and industrial markets.

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.

We manufacture and provide specialty-controlled temperature equipment purpose-built for the medical, scientific, pharmaceutical, biotech and industrial markets.

Our comprehensive portfolio includes a range of innovative storage solutions for medications, vaccines, blood products, patient samples, biologics and laboratory samples.

Scientific products are sold to medical and laboratory distributors, healthcare facilities, research universities, pharmaceutical and biotech companies, pharmacies and industrial facilities.

Engineering Technologies

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.

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.

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.

We intend to grow sales and product offerings by investing in advancements in our current and new technologies and identifying new cutting-edge solutions for these capabilities in existing and adjacent markets via customer and research collaboration. 

Our segment is comprised of our Spincraft businesses with locations in Billerica, MA, New Berlin, WI, and Newcastle upon Tyne in the U.K.

Our segment is comprised of our Spincraft businesses with locations in Billerica, MA, New Berlin, WI, and Newcastle upon Tyne in the U.K.

Markets and Applications

Spincraft products serve applications within the space, aviation, defense, energy, medical, and general industrial markets.

The space market we serve is comprised of components and assemblies for space launch vehicles, engines, crewed and uncrewed spacecraft and other space infrastructure. 

The aviation market offerings include a large portfolio of components and assemblies for commercial and private aircraft engines, nacelles and fuel systems.

The space market we serve is comprised of components and assemblies for space launch vehicles, engines, crewed and uncrewed spacecraft and other space infrastructure.

The aviation market offerings include a large portfolio of components and assemblies for commercial and private aircraft engines, nacelles and fuel systems.

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.

This group's brand name is Spincraft.

This group's brand name is Spincraft.

Products and Services

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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.

Engineering Technologies components are sold directly to large space, aviation, defense, energy and medical companies, or suppliers to those companies.

Specialty Solutions

Specialty Solutions is comprised of two businesses:

Specialty Solutions is comprised of two businesses:

Federal Industries and Custom Hoists.

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. 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.

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.

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 meet customers' needs within industry standard lead-times.

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.

Our engineering expertise coupled with broad manufacturing capabilities and responsiveness to customer needs drives our top line growth opportunities. 

We leverage our full line of products for the construction markets in dump truck and trailer applications and deep expertise in the refuse market to expand into new adjacent markets, targeting the most challenging custom applications. 

Flexible design capability, a global supply chain and speed to market enable us to be successful in growing our business. 

Our team is dedicated to superior customer service through our technical engineering support and on-time delivery.  

Specialty Solutions products are designed and/or manufactured in Hayesville, OH; Belleville, WI;

Our engineering expertise coupled with broad manufacturing capabilities and responsiveness to customer needs drives our top line growth opportunities.

Flexible design capability, a global supply chain and speed to market enable us to be successful in growing our business.

Our team is dedicated to superior customer service through our technical engineering support and on-time delivery.

Specialty Solutions products are designed and/or manufactured in Hayesville, OH;

Belleville, WI;

and Tianjin, China.

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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.

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. 

Federal Industries products are sold under the Federal brand. 

Custom Hoists products are sold under the Custom Hoist brand. 

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.

Federal Industries products are sold under the Federal brand.

Custom Hoists products are sold under the Custom Hoist brand.

Products and Services

Federal Industries offers a selection of display cases, including innovative customization, for fresh food merchandising requirements. 

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.

The following provides a description of key areas impacting our Company. 

Federal Industries offers a selection of display cases, including innovative customization, for fresh food merchandising requirements.

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.

The following provides a description of key areas impacting our Company.

Working Capital

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No segments require any special working capital needs outside of the normal course of business.

Standex manufactures and markets products many of which have achieved a unique or leadership position in their market, however, we encounter competition in varying degrees in all product groups and for each product line.

Standex manufactures and markets products many of which have achieved a unique or leadership position in their market, however, we encounter competition in varying degrees in all product groups and for each product line.

Competitors include domestic and foreign producers of the same and similar products.

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.

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.

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

International operations are conducted at 37 locations, in Europe, Canada, China, Japan, India, Southeast Asia, Korea, Mexico, and South Africa.

International operations are conducted at 42 locations, including Europe, Canada, China, Japan, India, Southeast Asia, Korea and Mexico.

See the Notes to Consolidated Financial Statements for international operations financial data.

Our net sales from continuing international operations decreased slightly from 42% in fiscal year  2022 to 39% in fiscal year  2023.

Our net sales from continuing international operation s decreased slightly from 39% in fiscal year 2023 to 38% in fiscal year 2024.

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.

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. 

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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Financial Information about Geographic Areas

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.”

Human Capital Resources 

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.

Human Capital Resources

Standex International understands that its rich history of success and future opportunities are directly linked to its dedicated, engaged, and diverse workforce.

As of June 30, 2024, we employ approximately 3,700 employees of which approximately 1,100 are in the United States.

About 200 of our U.S.

employees are represented by unions.

Wages and benefits are competitive with those of other manufacturers in the geographic areas in which our facilities are located.

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.

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.

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. 

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.

Our goal is to strive to provide a rewarding employee experience across the company.

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.

Our LEAP performance management and development process places emphasis on both manager engagement and employee ownership.

We regularly conduct employee engagement and satisfaction surveys, including our annual Culture Survey, completed in fiscal year 2023.

Results from these surveys and engagement activities drive advances in senior management focus to continuously improve our culture and way of working.

Our competitive wages and benefits align with those of other manufacturers in our geographic locations.

We prioritize open, two-way communication and foster strong relationships with both our non-union employees and the various unions and works councils within our business segments.

Regular training programs tailored to employees’ roles and optional development opportunities are available for those seeking personal and professional growth.

Our global Standex Safety Council, which includes representatives from all Standex sites, meets regularly to enhance our safety culture and monitor our Total Recordable Incident Rate.

The Chief Human Resources Officer frequently collaborates with the Chief Executive Officer to align Human Capital strategies and initiatives with our business goals.

We aim to provide a rewarding employee experience across the company by continuously reviewing our Human Capital Resources metrics, such as safety metrics, turnover rates, and culture survey responses.

These reviews help us promote a safe, inclusive, and engaging work environment.

Our LEAP performance management and development process emphasizes both manager engagement and employee ownership.

We conduct regular employee engagement and satisfaction surveys, including our annual Culture Survey.

Insights from these surveys drive senior management’s efforts to continually improve our company culture and operations.

In fiscal year 2025, we will implement a Human Capital Management System to further support our commitment to our workforce.

This system will enhance our ability to manage and develop our talent, streamline operations enhance employee development and satisfaction ensuring that we continue to provide a rewarding and supportive environment for all employees.

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.

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.

The IAC provides operational input and guidance to the Executive Leadership Team in three areas. 

First, the IAC sets global goals and objectives to promote inclusivity and diversity. 

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. 

Finally, the IAC champions the adoption and implementation of IAC initiatives and projects within our respective businesses.

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.

The Inclusion Advisory Council (IAC) serves as a collaborative platform for employee voices, informing and aligning the company’s commitment to inclusivity.

The IAC provides operational input to the Executive Leadership Team in three key areas:

setting global inclusivity and diversity goals, collaborating with Corporate Communications to highlight the IAC’s work, and championing the implementation of IAC initiatives.

Additionally, we launched the Women and Leadership Employee Resource Group in fiscal year 2023, aiming to increase the representation of women at all levels, enhancing the company’s success through relationships and partnerships.

Work continues to add additional ERGs in partnership with the IAC.

Executive Officers of Standex

The executive officers of the Company as of June 30, 

2023 are a s follows:

The executive officers of the Company as of June 30, 2024 are a s follows:

Principal Occupation During the Past Five Years

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Ademir Sarcevic

Vice President and Chief Financial Officer of the Company since September 2019.

Various positions over the years at Pentair plc from 2012 to September 2019 with increasing responsibility ending as Senior Vice President and Chief Accounting Officer.

Vice President, Chief Legal Officer and Secretary of the Company since April 2016. 

Sean Valashinas

Vice President, Chief Accounting Officer and Assistant Treasurer of the Company since October 2007.

Vice President and Chief Financial Officer of the Company since September 2019.

Various positions over the years at Pentair plc from 2012 to September 2019 with increasing responsibility ending as Senior Vice President and Chief Accounting Officer.

Vice President, Chief Legal Officer and Secretary of the Company since April 2016.

Annemarie Bell

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Vice President of Human Resources for four of Standex business units from October 2015 through October 2018.

Vice President, Chief Information Officer since April 2024.

Various positions of increasing responsibility in IT Audit, finance systems, project management and information systems and with Tyco International and Pentair from 2005 to March 2024 ending as Vice President, Digital Enterprise.

Vice President, Chief Accounting Officer of the Company since January 2024.

Corporate Controller from September 2021 to January 2024 and Assistant Controller from March 2020 to September 2021.

Assistant Controller at Vapotherm, Inc.

from 2018 until joining the Company in March 2020.

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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Long-Lived Assets

Long-lived assets are described and discussed in the Notes to Consolidated Financial Statements under the caption “Long-Lived Assets.”

Available Information

Standex’s corporate headquarters are at 23 Keewaydin Drive, Salem, New Hampshire 03079, and our telephone number at that location is (603) 893-9701.

Securities and Exchange Commission (the “SEC”) maintains an internet website at www.sec.gov that contains our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, and all amendments thereto.

Standex’s internet website address is www.standex.com.

Standex’s corporate headquarters are at 23 Keewaydin Drive, Salem, New Hampshire 03079, and our telephone number at that location is (603) 893-9701.

Standex’s internet website address is www.standex.com.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, and all amendments thereto, are available free of charge on our website as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC.

In addition, our code of business conduct, our code of ethics for senior financial management, our corporate governance guidelines, and the charters of each of the committees of our Board of Directors (which are not deemed filed by this reference), are available on our website and are available in print to any Standex shareholder, without charge, upon request in writing to “Chief Legal Officer, Standex International Corporation, 23 Keewaydin Drive, Salem, New Hampshire, 03079.”

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.

What changed 10-K

Item 1. Business