Actuant Acquires Injectaseal
Actuant Corporation (NYSE:ATU) announced today that it has purchased the outstanding stock of Injectaseal Deutschland GmbH ("Injectaseal") for approximately $13 million in cash. Funding for the transaction came from the Company's revolving credit facility.
Headquartered in Kerpen, Germany, Injectaseal provides leak management, on-site machining, pipeline intervention, and safety valve testing services primarily to Western European companies in the oil & gas and power generation industries. It generated sales of approximately $10 million in the last year.
Injectaseal will operate within Hydratight, which is included in Actuant's Industrial Segment. Mark Goldstein, Executive Vice President of Actuant, stated, "Injectaseal is a logical extension of Hydratight's joint integrity platform. The addition of Injectaseal's leak management and testing services will enable Hydratight to broaden its product and service offering to existing customers worldwide. Injectaseal also provides Hydratight with service personnel and long standing relationships with utilities and companies in Germany and The Netherlands that can benefit from Hydratight's other joint integrity products and services."
Safe Harbor Statement
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 filed with the Securities and Exchange Commission for further information regarding risk factors.
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 billion and its market capitalization from $113 million to over $1.4 billion. The Company employs a workforce of more than 6,300 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.
Source: Actuant Corporation
Released January 22, 2007