Actuant Reaches Definitive Agreement to Sell Electrical
MILWAUKEE -- October 31, 2013
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
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.
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.
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.
Communications & Investor Relations Leader
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