Actuant Completes Acquisition of Viking SeaTech
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE:ATU) announced today the completion of its acquisition of Viking SeaTech (“Viking”). Total consideration for the previously announced transaction was £150 million (approximately $225 million) which was funded from the Company’s cash and revolving credit facility.
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, primarily 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.
The Company will be announcing its fiscal 2013 fourth quarter and full year financial results on Tuesday, October 1, 2013 and will provide additional information at that time about Viking and its anticipated impact on future operating results.
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.
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Released August 27, 2013