Actuant Acquires Superior Plant Services
MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation (NYSE:ATU) announced today that it has acquired Superior Plant Services, LLC, ("SPS") for approximately $57 million in cash. Funding for the completed transaction came from the Company's revolving credit facility.
Headquartered in Terrytown, Louisiana, SPS is a specialized maintenance services company serving the oil & gas and nuclear power industries in North America, primarily in the Gulf of Mexico and mid-Atlantic regions of the United States. Its services include field machining, flange weld testing, line isolation, bolting, heat treating, and metal disintegration. SPS generated approximately $25 million in revenues last year.
SPS will operate as part of Hydratight, within Actuant's Industrial Segment. Brian Kobylinski, Leader of Actuant's Industrial Segment, stated: "SPS is a great addition to our global joint integrity platform, adding a significant presence to our service business both in oil & gas in the important Gulf of Mexico region and in power generation in the mid-Atlantic. Its long-standing customer relationships and trained workforce of over 125 service technicians represent excellent complements to our existing Hydratight business. SPS President Al Shiyou and his management team have been successful in growing their business and we look forward to them joining the Actuant team."
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 $1.5 billion and its market capitalization from $113 million to over $1.6 billion. The Company employs a workforce of more than 7,500 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 March 3, 2008