On July 31, Salem, New Hampshire-based Standex International Corporation announced that it has acquired privately-held, South Dakota-based Minntronix for approximately $30 million in cash.

Standex said the transaction is being financed from its existing cash balance. In its first year of ownership, the company said it expects the acquisition to be accretive to its earnings and to achieve a double-digit return on invested capital.

Minntronix manufactures customized as well as standard magnetics components and products including transformers, inductors, current sensors, coils, chokes and filters. The products are used in applications across cable fiber, smart meters, industrial control and lighting, electric vehicles and home security markets.

“We are very pleased to have acquired Minntronix, a great strategic fit, expanding our presence in fast growth end markets in 5G, smart grid, and industrial automation,” said President and CEO David Dunbar. “In addition, its customer base and product line are highly complementary to our existing business with the potential to further expand key account relationships and capitalize on cross selling opportunities. Minntronix also brings a strong engineering and customer support team, expanding our problem solving ability, and extends our geographic footprint.”