NorLake Scientific Owner Expands Lab Refrigerator Offerings

Salem, NH 10/17/16—Horizon Scientific, a provider of lab refrigerators and freezers, and cryogenic equipment, has been acquired by publicly held Standex International, a multi-industry manufacturer, for an undisclosed amount. Horizon Scientific revenue totaled $28 million for the year ending September. Its brands include CryoSafe, Lab Research Products and American BioTech Supply. It also provides private label products. “Horizon Scientific enhances Standex’s penetration of the higher margin refrigeration markets represented by the growing scientific sector,” commented Standex CEO David Dunbar. “We look forward to offering Horizon Scientific’s well-respected products, and working with its customer base and channel partners to expand sales of Standex’s NorLake Scientific brand into these markets.” The acquisition is expected to be accretive to EPS by $0.01–$0.02 per share in fiscal 2017 and $0.07–$0.09 in fiscal 2018, net of purchase accounting and acquisition costs.

Standex’s revenues for the year ending June 30 totaled $751.6 million. Sales for its Refrigeration Solutions group, which serves commercial food facility, industrial, life science and scientific applications, fell 12.2% to $381.9 million. The acquisition will increase this division’s proportion of sales to the scientific market.

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