Standex Expands India Business With $64 Million Narayan Purchase
Standex International (SXI) acquired the remaining 9.9% stake in India's Narayan Powertech for about $64 million, the company said Thursday.The transaction gives Standex full ownership of the instrument transformer manufacturer, which produces low- and medium-voltage instrument transformers, the company said."We are pleased with the smooth integration of Narayan and Amran. Our internal teams are completely focused on meeting customer demand now and in the future," said David Dunbar, president and chief executive of Standex.Chirag Shah, managing director and founder of Narayan Powertech, said the combination with Standex Grid creates a stronger transformer business with a broader global footprint and product portfolio, adding that he and other key team members will remain with the company.Price: $327.87, Change: $-20.59, Percent Change: -5.91%
