Standex completes sale of Procon Pumps

Standex International Corp has closed the sale of its Procon Pumps business to Investindustrial, a European investment and advisory group.

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Procon is a global supplier of niche positive displacement rotary vane and gear pumps to OEMs, distributors and end-use customers.

Investindustrial’s portfolio of companies includes CEME Group, which manufactures solenoid pumps, rotary pumps and solenoid valves in Italy and around the world.

“We are pleased to have successfully divested the Procon business in line with our expected timing and valuation,” said David Dunbar, Standex president and CEO. “We believe that the outcome of this process is in the best interests of our shareholders as well as our Procon employees and customers, who will be well served by CEME Group, a portfolio holding of Investindustrial. I would like to thank our former Procon colleagues for their contributions to Standex and wish them much success as they start a new chapter for the business.”