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ENERPAC parent company acquires HYDRATIGHT SWEENEY
Posted: 30 May 2005
Actuant Corporation, parent company of Enerpac announced the completion of its Hydratight Sweeney acquisition. Total consideration for the previously announced transaction was approximately $93 million with proceeds being funded from Actuant's existing credit facilities. Hydratight Sweeney, with headquarters in Birmingham , United Kingdom , manufactures and provides bolting products and services to the oil and gas, power generation, industrial, and other end-user markets.
Commenting on the transaction, Robert C. Arzbaecher, Actuant Pr esident and CEO, said, "Hydratight Sweeney continues Actuant's bolting initiative. Combined with our existing Enerpac and Hedley Purvis organizations, we now have $90 million of bolting related product sales and 500 employees operating in 20 countries worldwide."
Hydratight Sweeney will report into the Enerpac business and be included in Actuant's Tools & Supplies segment. Mark Goldstein, Executive Vice Pr esident of Actuant and Tools & Supplies Segment Leader, stated, "We identified the bolting market as a key growth driver for our Enerpac business two years ago and determined that developing a complete product line including service was critical to our success. Hydratight Sweeney accomplishes this, adding product, service and scale to our portfolio. Combining the capabilities of Hydratight Sweeney, Hedley Purvis and Enerpac enables us to offer customers a full line of joint-integrity solutions on a global basis."
Safe Harbor Statement Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Pr ivate 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 and related 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 registration statements filed with the Securities and Exchange Commission for further information regarding risk factors.
About Actuant Actuant, headquartered in Glendale , Wisconsin , is a diversified industrial company with operations in more than 25 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. Formerly known as Applied Power, Actuant was created in 2000 after the spinoff of Applied Power's electronics business segment into a separate public company called APW Ltd. Since 2000, Actuant has grown its sales from $482 million to over $1 billion and its market capitalization from $113 million to over $1.4 billion. The company employs a workforce of more than 5,000 worldwide. Actuant Corporation trades on the NYSE under the symbol ATU.
Posted by Editor Pipeline Magazine
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