Standex Plans To Pursue Strategic Alternatives For Cooking Solutions

(RTTNews) - Standex International Corporation (SXI) announced, after a thorough strategic review, the company has retained the investment banking division of Baird to seek strategic alternatives for its Cooking Solutions Group, which is part of the Food Service Equipment Group (FSEG) segment.

CEO David Dunbar stated, "As the business has evolved, we have determined that the Cooking Solutions Group does not align with our strategic vision. The Cooking Solutions Group portfolio includes attractive brands with a broad set of product lines that we believe would be a valuable strategic fit for a company that can provide the focus and capabilities needed to more effectively compete in this market."

The Cooking Solutions Group includes the APW Wyott, Bakers Pride, Tri-Star, BKI, Barbecue King and Ultrafryer brands, and serves the food service, convenience store and supermarket end markets. In fiscal 2018, Cooking business net revenues were 10% of the company's sales.