Standex International Corp., a multi-industry manufacturer, announced Wednesday its acquisition of Associated American Industries, a supplier of "hot side" food service equipment, for about $84 million.
AAI had revenues of about $72 million in 2006.
The combination of Standex's existing product lines with AAI's product lines will provide Standex with about $100 million of annual sales on the "hot side" of the food service equipment market, and net Standex nearly $350 million in annual revenues from both the hot and cold sides of the market.
AAI's operations will be integrated into Standex's Food Service Equipment Group, and its existing management team will remain in place.
Standex has five business segments including: Food Service Equipment Group, Air Distribution Products Group, Engineered Products Group, Engraving Group and Hydraulics Products Group with operations in the U.S., Europe, Canada, Australia, Singapore, Mexico, Brazil and China.