Actuant Corporation (NYSE:ATU) announced today that it has completed the
sale of its Acme Aerospace business to TransDigm Group, Inc. (NYSE:TDG).
Actuant’s Acme Aerospace business, reported within the Engineered
Solutions segment, designs and manufactures lightweight, high power
battery chargers, power supplies and backup power systems including
fiber nickel cadmium (FNC) batteries for use in commercial and military
aerospace applications. The business has annual revenues of
approximately $18 million.
Robert C. Arzbaecher, Actuant Chief Executive Officer commented, “We are
pleased to have completed the divestiture of this business to a
strategic buyer whose complementary product offerings provide a clear
fit for Acme Aerospace.”
In addition, the Company announced that it has reached an agreement to
sell its BH Electronics business which provides custom dash panels and
electrical wiring harnesses to recreational boat OEMs. The Company
expects to complete this transaction by the end of the fiscal year. BH
Electronics is included within the Harsh Environment Electrical product
line in Actuant’s Electrical Segment and has annual revenues of
approximately $15 million.
Arzbaecher continued, “These transactions are part of our portfolio
management efforts to proactively focus on platforms where we can build
meaningful positions and support our strategic growth initiatives.”
Total cash proceeds from these transactions approximate $40 million and
will be used to reduce Actuant’s outstanding indebtedness. The Company
expects to record an aggregate net gain on the divestitures of
approximately $15 million.
About Actuant
Actuant, headquartered in Butler, Wisconsin, is a diversified industrial
company with operations in more than 30 countries. The Actuant
businesses are market leaders in branded hydraulic and electrical tools
and supplies, umbilical, rope and cable solutions as well as highly
engineered position and motion control systems. Since its creation
through a spin-off in 2000, Actuant has grown its sales from $482
million to $1.66 billion in fiscal 2008. The Company employs a workforce
of approximately 6,200 worldwide. Actuant trades on the NYSE under the
symbol ATU.
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.
Actuant Corporation
Karen Bauer
Director,
Investor Relations
262-373-7462
