Actuant Acquires Veha
Actuant Corporation (NYSE:ATU) announced on Friday, January 5, 2007 that it purchased the outstanding stock of Veha Haaksbergen B.V. ("Veha"). Headquartered in Haaksbergen, The Netherlands, Veha has sales of approximately $5 million, including those to Enerpac and manufactures a wide range of machined products, including hydraulic cylinders.
Veha will operate within Enerpac, which is included in Actuant's Industrial Segment. Mark Goldstein, Executive Vice President of Actuant, stated: "Veha has been a valued supplier to our Enerpac business in Europe for many years. The addition of Veha's cylinder manufacturing expertise will enhance Enerpac's ability to serve its clients on a demand flow basis, a core attribute of our LEAD process. We are also excited about the opportunity to continue to provide excellent service to the Veha's complete customer base".
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 8, 2007