Standex International Corporation announced on November 14, 2024, the acquisition of Michigan-based Custom Biogenic Systems (CBS) for approximately $6.2 million in cash. The transaction was financed from Standex's existing cash balance.
CBS, founded in 1987, specializes in the design and manufacturing of advanced cryogenic equipment, including unique Isothermal freezers with dry liquid nitrogen technology, for pharmaceutical and biobank end markets. The company estimates revenues of approximately $15 million for calendar year 2024.
This acquisition extends the reach of Standex's Scientific business segment into the liquid nitrogen and controlled rate freezer markets, expanding its North American manufacturing capabilities. Standex expects the acquisition to be accretive to its earnings in its first year of ownership.
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