Actuant Acquires BH Electronics
MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation (NYSE:ATU) announced today that it has acquired BH Electronics ("BHE") for $30 million in cash. Funding for the transaction came from the Company's revolving credit facility.
Headquartered in Munford, Tennessee, BHE produces dashboard control panels and electronic assembly systems, primarily for the marine market. BHE generated $35 million in sales in 2006, and has approximately 450 employees.
BHE will operate within Actuant's Electrical Segment. Mark Goldstein, Chief Operating Officer of Actuant, stated: "BHE is a great addition to our global marine platform. BHE's strong relationships with major recreational boat builders in the U.S., coupled with the products provided through our existing brands such as Marinco, BEP, Ancor, and Guest, will enable us to further develop our strategy of providing systems solutions to the OEM market. We are also excited about the prospects for introducing BHE's products and solutions to OEMs in other markets where Actuant has a significant presence, such as RV and off-highway vehicles."
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 highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies. Since its creation through a spin-off in 2000, Actuant has grown its sales from $482 million to over $1.4 billion and its market capitalization from $113 million to over $1.5 billion. The Company employs a workforce of more than 6,700 worldwide. Actuant Corporation trades on the NYSE under the symbol ATU. For further information on Actuant and its business units, 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 registration statements field with the Securities and Exchange Commission for further information regarding risk factors.
Source: Actuant Corporation
Released July 2, 2007