Standex International Corporation (SXI) has acquired Michigan-based advanced cryogenic equipment manufacturer Custom Biogenic Systems (CBS) for around $6.2m cash.
Under terms of the deal, CBS will become part of SXI’s scientific business segment.
CBS expertise includes the manufacturing of unique isothermal freezers with dry liquid nitrogen technology for the pharmaceutical and biobank end markets within the life sciences market.
David Dunbar, President and CEO of SXI, said the deal will expand the company’s scientific refrigeration business with a presence within the liquid nitrogen and controlled rate freezer markets in North America.
“The announcement has expanded our addressable market within our scientific business with the addition of a brand leader in cryogenic storage with over 30 years of industry experience.”
“Considering its adjacent scientific product offering, complementary nature to our existing products, and its engineering and manufacturing capabilities, we are excited about our long-term combined potential together.”
In its first year of ownership, SXI expects the acquisition to be accretive to its earnings.
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