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Standex International Corporation (NYSE:SXI), a $1.9 billion market cap manufacturer of refrigeration and service industry machinery, announced the appointment of a new board member and upcoming changes to its board structure. According to InvestingPro data, the company’s stock has experienced a significant decline of nearly 27% over the past six months, though it maintains strong financial health with a current ratio of 3.4. On May 2, 2025, the company’s Board of Directors expanded its size to nine members and appointed Andy L. Nemeth as a Class III director. This decision comes ahead of the retirement of Thomas J. Hansen, whose term will expire at the annual meeting of shareholders scheduled for October 2025.
Hansen, reaching the company’s mandatory retirement age, will not be eligible for re-election. Upon his retirement, the board will revert to eight members. Nemeth’s initial term will also expire at the October annual meeting, where he is expected to be proposed for a three-year term. The company’s strong governance practices are reflected in its impressive dividend track record, with InvestingPro data showing 55 consecutive years of dividend maintenance and 14 years of consecutive increases.
Andy L. Nemeth, 56, currently serves as the Chairman of the Board and CEO of Patrick Industries (NASDAQ:PATK), Inc. He has a long history with Patrick, having held various executive roles, including President and CFO prior to his current position.
Standex stated that there are no arrangements or understandings between Nemeth and any other persons concerning his appointment, and there are no related person transactions involving the company and Nemeth. As a director, Nemeth will receive compensation consistent with that of other directors, as detailed in the company’s Proxy Statement filed with the SEC on September 6, 2024.
This news is based on a recent 8-K filing with the Securities and Exchange Commission. For investors seeking deeper insights into Standex’s financial health and growth prospects, InvestingPro offers comprehensive analysis through its Pro Research Report, available as part of its coverage of 1,400+ US equities.
In other recent news, Standex International Corporation reported a strong performance in its Q3 2025 earnings, with earnings per share reaching $1.95, surpassing the anticipated $1.92. The company also reported revenue of $207.8 million, exceeding the forecasted $204.71 million and reflecting a 17.2% year-on-year increase. Standex achieved a record adjusted operating margin of 19.4%, showcasing its operational efficiency. The company has been actively pursuing strategic acquisitions and facility expansions, which are expected to support future growth. Notably, Standex acquired McStarlight for $56.5 million, aiming to enhance its capabilities in the aerospace sector. Analysts from various firms have highlighted Standex’s robust market position, with CJS Securities and Roth Capital noting potential growth in fast-growth markets. The company remains focused on organic growth and debt reduction, with a current leverage ratio of 2.8. Standex’s outlook for Q4 2025 includes expectations of slightly to moderately higher revenue, driven by acquisitions and growth in fast markets.
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