Actuant Signs Agreement to Acquire Viking SeaTech

  Actuant Signs Agreement to Acquire Viking SeaTech

Business Wire

MILWAUKEE -- August 2, 2013

Actuant Corporation (NYSE:ATU) announced today the signing of a definitive
agreement to acquire Viking SeaTech (“Viking”). The purchase is subject to
customary regulatory approvals and closing conditions, and is expected to be
completed within 45 days. The approximately £150 million ($225 million)
purchase price will be funded from the Company’s cash and revolving credit
facility, and excludes potential future performance related consideration.
Viking generated approximately $90 million in revenue in the past twelve
months.

Headquartered in Aberdeen, Scotland, Viking is an offshore support specialist
providing a comprehensive range of equipment and services to the offshore oil
and gas industry. Viking serves customers globally with its primary markets in
the North Sea (U.K. and Norway) and Australia. The majority of Viking’s
revenue is derived from offshore vessel mooring solutions which include
design, rental, installation and inspection. Viking also provides survey,
manpower and other marine services to offshore energy asset owners.

Commenting on the transaction, Robert C. Arzbaecher, Chairman and CEO of
Actuant stated, “Viking represents a great addition to Actuant’s energy
platform and will be included within the Energy segment. Its leadership
position in the largest offshore regions, strong technical competency and
solid management team have allowed Viking to generate above average growth and
margins. Given positive energy dynamics that support offshore development and
production around the globe, notably new finds and redevelopment of current
fields where Viking’s customized mooring solutions are well suited, as well as
Actuant’s ability to expand Viking’s presence on a global scale, we expect
this growth to continue. Viking’s revenue mix includes product, rental and
service components, similar to Actuant’s existing energy businesses. Bill
Bayliss, President of Viking, along with his leadership team have done an
outstanding job positioning Viking as a premier subsea services firm and we
look forward to them joining the Actuant organization.”

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, 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.

Contact:

Actuant Corporation
Karen Bauer
Communications & Investor Relations Leader
262-293-1562
 
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