Company: SXI
Filing Date: 2025-08-04
Form Type: 10-K
Source: 0001437749-25-024450
Chunk: 1221

Company: STANDEX INTERNATIONAL CORP/DE/
Filing Date: 2025-08-04
Form: 10-K
Item: Item 1A
Chunk 1221
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   4,803 
 Total  $160,364  $134,963 

     (2)  EMEA consists primarily of Europe, Middle East and S. Africa. 

   18. Divestitures
    
   On  February 28, 2023, the Company divested its Procon pumps business (“Procon”) to Investindustrial, a leading European investment and advisory group. Procon generated approximately $21.2 million in revenue in the first eight months of fiscal year 2023. Procon, which is reported within the Specialty Solutions Group, was divested in order to focus on the continued simplification of the Company’s portfolio and enable greater focus on managing larger platforms and pursuing growth opportunities. The Company received $67.0 million cash consideration at closing, which was presented as an investing cash flow for fiscal year 2023.  Cash consideration received at closing excluded amounts held in escrow and was net of closing cash. The Company recorded a pre-tax gain on sale of the business of $62.1 million in fiscal year 2023. The operating unit's goodwill balance of $0.2 million was written off as a part of the transaction. The sale transaction and financial results of Procon were classified as continuing operations in the Consolidated Financial Statements.
    
   During the first quarter of fiscal year 2024, the Company recorded an additional $0.3 million gain on the sale of the business due to cash received in the period related to closing cash adjustments. During the third quarter of fiscal year 2024, the company received $7.5 million of cash held in escrow, which was presented as an investing cash flow in fiscal year 2024.

   19. DISCONTINUED OPERATIONS
    
   In pursuing our business strategy, the Company continues to divest certain businesses and record activities of these businesses as discontinued operations.
    
   Activity related to discontinued operations for the most recent three fiscal years is as follows (in thousands):

       Year Ended June 30,  
   2025    2024    2023  
 (Loss) before taxes  $(53) $(654) $(204)
 Benefit for taxes   11   137   43 
 Net (loss) from discontinued operations