HUDSON, Wisc. • Standex Refrigerated Solutions Group has agreed to sell its Master-Bilt and Nor-Lake refrigeration businesses to Ten Oaks Group for $11 million The closing is expected to occur in the next 45 days.

Until the sale is complete, it will be “business as usual,” Standex said.

The company has a Master-Bilt manufacturing facility in New Albany.

In fiscal 2019, RSG reported approximately $150 million in revenue and about a $1 million operating loss.

RSG manufactures refrigerated cabinets and walk-ins for customers in the food service and retail end market.

Standex International expects to incur about $27 million in non-cash charges associated with the divestiture including goodwill impairment in the third quarter. The company expects the sale to have immaterial impact on earnings per share for the remainder of fiscal 2020.