Standex Electronics, part of Standex International (NYSE: SXI), is pleased to announce that we have entered into a definitive agreement to acquire Torotel, Inc., a leader in custom high reliability magnetics assemblies. Torotel employs 174 people and is headquartered in Olathe, Kansas with operating facilities there in Olathe as well as in Hatfield, Pennsylvania. The transaction is expected to close in the first calendar quarter of 2020 and is subject to customary closing conditions and regulatory approvals, including the approval of Torotel shareholders.
This acquisition will be a fantastic addition to our magnetics offering. Torotel is a strong strategic fit with highly complementary capabilities for our existing high reliability magnetics portfolio. The organization also adds technical and application expertise and strengthens our value in the military and aerospace markets. The senior leadership team of Torotel brings a wealth of knowledge and experience in these segments as well.
Founded in 1956, Torotel specializes in the custom design, manufacture and sale of a wide variety of precision magnetic components, including electro-mechanical assemblies, high voltage transformers, dry-type transformers, toroidal coils, inductors, reactors and chokes for use in aircraft equipment, digital control devices, medical equipment, avionics equipment, down-hole drilling, conventional missile guidance systems and other defense and commercial aerospace applications.
Torotel’s customized and highly-engineered solutions are very well-positioned in the aerospace and defense sectors, particularly for new platforms that are in the early stages of ramping. These end markets are characterized by large and growing addressable markets with long-term contracts based on strong engineer-to-engineer relationships and demanding technical standards, requiring close partnership with suppliers.
Standex Electronics looks forward to welcoming the Torotel team to the business in the near future. The strategic growth that has built the Electronics division of Standex International will continue to be a point of emphasis as the company moves into the future. For more information on Standex Electronics, its locations and its capabilities, explore standexelectronics.com.