Actuant Acquires Jeyco Pty Ltd
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE:ATU) announced today that it has acquired Jeyco Pty Ltd (“Jeyco”). Headquartered near Perth, Australia, Jeyco designs and provides specialized mooring, rigging and towing systems and services to the offshore oil & gas industry in Australia and other international markets. Additionally, its highly engineered products are used in a variety of applications for other markets including cyclone mooring and marine, defense and mining tow systems. Jeyco generates annual revenues of approximately $20 million.
Jeyco will operate as part of the Cortland business within Actuant’s Energy Segment. Brian Kobylinski, Executive Vice President, Industrial and Energy segments, stated: “Jeyco is a great addition to our global energy platform, adding significant presence to our offshore oil & gas business in the important Australian region. Its customer relationships and highly technical workforce represent excellent complements to our existing Cortland business. Jeyco will serve as the base for Cortland’s full product range which includes engineered ropes and slings, dynamic umbilicals and electro-optic cables in the Southeast Asian region. Jeyco’s management has been successful in growing their business and we look forward to them joining the Actuant team.”
About Actuant
Actuant Corporation is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic and electrical tools and supplies; 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.
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 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.
Actuant Corporation
Karen Bauer
Communications
& Investor Relations Leader
262-293-1562
Source: Actuant Corporation
Released February 10, 2012