Standex International Corporation (NYSE:SXI) today announced that its Food Service Equipment Group’s Master-Bilt refrigeration business has received a National Restaurant Association 2013 Kitchen Innovation Award. Master-Bilt received the award for its parallel glycol rack refrigeration technology for foodservice kitchen and retail environments.
“We are honored to be named one of this year’s National Restaurant Association Kitchen Innovation Award winners,” said Chuck Dullea, President, Standex Refrigeration Group. “Master-Bilt’s new Parallel Glycol Rack System is a major advance in energy efficient and sustainable refrigeration for convenience stores, large retail drug stores, restaurants and other food service outlets that have multiple food chilling devices on site. Instead of having a refrigeration system on each device, they are all supported from one centrally located rack equipped with full state-of-the-art digital controls. This reduces energy consumption and makes the Parallel Glycol Rack system more cost-effective and easier to maintain than conventional refrigeration. Because only the chilled glycol – not the refrigerant – is distributed within the store or restaurant, there is less chance of refrigerant leaks that cause greenhouse gases to escape into the atmosphere.”
“Master-Bilt’s solution for rack refrigeration is a key step forward as we execute on our strategy to become the most comprehensive provider of innovative equipment to the Food Service industry,1” said John Abbott, Group Vice President, Standex Food Service Equipment Group. “Parallel Glycol Rack Refrigeration provides a cost effective eco-friendly refrigeration solution for the marketplace, positioning us to capitalize on larger market opportunities by adding new features that adapt the system to different types of stores.1 In addition, because refrigeration racks are capable of driving every food chilling device within a store or restaurant, this new system complements our broad range of refrigeration products to position us to become our customers’ primary refrigeration supplier.1”
About the Standex Food Service Equipment Group
The Food Service Equipment Group (FSEG) is a broad-line manufacturer of commercial food service equipment, including walk-in coolers and freezers, refrigerated, non-refrigerated and hot display cabinets and storage systems, commercial ovens, rotisseries and cooking equipment, bakery and deli display cases, hot food counter-top products, patient feeding systems, rotary vane pumps and stainless steel fabrication, millwork and solid surface stonework. The majority of the FSEG businesses are grouped into two divisions, Standex Cooking Solutions Group and Standex Refrigerated Solutions Group. FSEG enjoys market leadership positions and strong brand recognition in the food service industry with each of its leadership companies: American Foodservice, APW Wyott, Bakers Pride, BKI, Tri-Star, Federal Industries, Kool Star, Master-Bilt, Nor-Lake, Inc. and Procon. The group employs over 1,500 with manufacturing facilities in Ireland, Mexico, Mississippi, New York, South Carolina, Tennessee, Texas, Wisconsin and Wyoming. In addition to the U.S., FSEG has an established presence in Europe and is developing or expanding distributor relationships in Africa, Asia, Australia and South America.
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Food Service Equipment Group, Engineering Technologies Group, Engraving Group, Electronics Products Group, and Hydraulics Products Group with operations in the United States, Europe, Canada, Australia, Singapore, Mexico, Brazil, Argentina, Turkey, South Africa, Korea, India and China. For additional information, visit the Company's website at www.standex.com.
1 Safe Harbor Language
Statements in this news release include, or may be based upon, management's current expectations, estimates and/or projections about Standex's markets and industries. These statements are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may materially differ from those indicated by such forward-looking statements as a result of certain risks, uncertainties and assumptions that are difficult to predict. Among the factors that could cause actual results to differ are the impact of implementation of government regulations and programs affecting our businesses, unforeseen legal judgments, fines or settlements, uncertainty in conditions in the financial and banking markets, general domestic and international economy including more specifically increases in raw material costs, the ability to substitute less expensive alternative raw materials, the heavy construction vehicle market, the ability to continue to successfully implement productivity improvements, increase market share, access new markets, introduce new products, enhance our presence in strategic channels, the successful expansion and automation of manufacturing capabilities and diversification efforts in emerging markets, the ability to continue to achieve cost savings through lean manufacturing, cost reduction activities, and low cost sourcing, effective completion of plant consolidations, successful completion and integration of acquisitions and the other factors discussed in the Annual Report of Standex on Form 10-K for the fiscal year ending June 30, 2012, which is on file with the Securities and Exchange Commission, and any subsequent periodic reports filed by the Company with the Securities and Exchange Commission. In addition, any forward-looking statements represent management's estimates only as of the day made and should not be relied upon as representing management's estimates as of any subsequent date. While the Company may elect to update forward-looking statements at some point in the future, the Company and management specifically disclaim any obligation to do so, even if management's estimates change.