Actuant Divests Recreational Vehicle Business
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE:ATU) announced today that it has completed the sale of its Recreational Vehicle (RV) business to Drew Industries (NYSE:DW). Actuant’s RV business, included within the Engineered Solutions segment, designs and manufactures motorhome leveling and room slide-out systems, and retractable steps, predominately under the PowerGear and Kwikee brand names. The business has annual revenues of approximately $30 million. Total cash proceeds approximated $35 million and the Company expects to record an aggregate net gain on the divestiture. Additional details will be provided on the Company’s third quarter earnings call scheduled for June 18, 2014.
Mark Goldstein, Actuant Chief Executive Officer commented, “We are pleased to have completed the divestiture of the RV business to a strategic buyer whose complementary product offerings provide a clear fit for the business. The sale is part of our ongoing portfolio management efforts to proactively focus Actuant on our four macro growth markets of Energy, Infrastructure, Food/Farm Productivity and Natural Resources/Sustainability, where we can build meaningful positions and support our strategic growth initiatives.”
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, restructuring activities, 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.
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Source: Actuant Corporation
Released June 16, 2014