Standex International Corporation is looking for a buyer for its Cooking Solutions Group.
“As the business has evolved, we have determined that the Cooking Solutions Group does not align with our strategic vision,” said David Dunbar, Standex president and chief executive officer, in a statement. “The Cooking Solutions Group portfolio includes attractive brands with a broad set of product lines that we believe would be a valuable strategic fit for a company that can provide the focus and capabilities needed to more effectively compete in this market.”
Part of the company’s Food Service Equipment Group (FSEG) segment, the Cooking Solutions Group includes such equipment lines as APW Wyott, Bakers Pride, Tri-Star, BKI, Barbecue King and Ultrafryer.
In Standex’s 2018 fiscal year, the cooking business posted net revenues of $97.9 million, which represents approximately 25 percent of FSEG segment net sales, or 10 percent of the company’s fiscal 2018 sales, per a release announcing the results for the company’s first quarter of its 2019 fiscal year. The company went so far as to classify the results for the Cooking Solutions Group as discontinued operations and as such are not included in the Company’s Q1 fiscal 2019 financial results from continuing operations.