Standex International Buys Out Narayan Powertech, Shares Drop -5.91%

By Tamara Parker • Sunday, July 05 16:03 • Permanent Link

Standex International has bought out the remaining 9.9% stake in India-based Narayan Powertech for about $64 million, giving it full ownership of the transformer maker.

The deal follows Standex’s earlier integration work with Narayan and Amran, which the company said is already progressing smoothly. Narayan’s founder and managing director, Chirag Shah, said the company’s combination with Standex Grid has created a larger player in the transformer market with a broader global footprint.

Narayan Powertech makes low-voltage and medium-voltage instrument transformers used in electrical grid applications. Standex said the acquisition strengthens its position in the transformer industry and expands its reach alongside its existing global operations across the U.S., Europe, Canada, Japan, Singapore, Mexico, Turkey, India and China. The market has reacted to these announcements by moving the company's shares -5.91% to a price of $327.87. For the full picture, make sure to review STANDEX INTERNATIONAL CORP/DE/'s 8-K report.

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