Actuant Reaches Definitive Agreement to Sell Electrical
October 31 2013 - 9:00AM
Business Wire
Actuant Corporation (NYSE:ATU) announced today that it has
reached a definitive agreement to sell its Electrical Segment to
Sentinel Capital Partners for $258 million in cash, subject to
working capital and other closing adjustments. The transaction is
expected to be completed within 45 days, subject to customary
closing conditions.
In June 2013, Actuant announced that its Board of Directors had
authorized a plan to commence a divestiture process for the
Electrical Segment in order to refocus on the remaining businesses
and better position the Company to take advantage of its core
competencies, current business model and global growth trends.
Since that announcement, the Electrical Segment’s results have not
been included in Actuant’s continuing operations and therefore, the
pending sale transaction has no impact on Actuant’s sales and
earnings guidance for fiscal 2014.
The Electrical Segment primarily serves the retail
do-it-yourself, marine, industrial OEM and wholesale electrical
markets with a variety of products under the Gardner Bender,
Marinco, Mastervolt, Acme and Turner Electric brand names. In
fiscal 2013, it had sales of approximately $300 million. The
segment employs approximately 1,000 and operates from six locations
across the globe with its headquarters in Menomonee Falls,
Wisconsin.
Robert W. Baird & Co. served as Actuant’s financial advisor
for this transaction and McDermott, Will and Emery, LLP served as
legal counsel.
About Actuant
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions; specialized products and
services for energy markets and highly engineered position and
motion control systems. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Actuant trades on the
NYSE under the symbol ATU. For further information on Actuant and
its businesses, visit the Company's website at www.actuant.com.
Safe Harbor
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. Management cautions that
these statements are based on current estimates of future
performance and are highly dependent upon a variety of factors,
which could cause actual results to differ from these estimates.
Actuant’s results are also subject to general economic conditions,
variation in demand from customers, the impact of geopolitical
activity on the economy, continued market acceptance of the
Company’s new product introductions, the successful integration of
acquisitions, the completion of the Electrical segment sale,
restructuring, operating margin risk due to competitive pricing and
operating efficiencies, supply chain risk, material and labor cost
increases, foreign currency fluctuations and interest rate risk.
See the Company’s Form 10-K filed with the Securities and Exchange
Commission for further information regarding risk factors. Actuant
disclaims any obligation to publicly update or revise any
forward-looking statements as a result of new information, future
events or any other reason.
Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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