Actuant Acquires CrossControl AB
MILWAUKEE--(BUSINESS WIRE)-- Actuant Corporation (NYSE:ATU) announced today that it has completed the acquisition of Alfta, Sweden based CrossControl AB for cash of approximately $40 million, plus potential future performance related consideration. CrossControl is a leading provider of advanced electronic solutions for user-machine interaction, vehicle control, and mobile connectivity in critical environments and has annual revenues of approximately $40 million.
CrossControl will operate as part of the Maxima business within Actuant’s Engineered Solutions Segment. Bill Blackmore, Executive Vice President, Engineered Solutions, stated: “CrossControl is a great addition to our Maxima and Turotest businesses, serving key end markets such as mining, cargo handling, forestry, construction and rail which align with Actuant’s strategic growth themes including infrastructure and natural resources. CrossControl brings long-term customer relationships, technical engineering expertise as well as customized software applications and hardware products for high-end electronic displays. Its “smart” display technologies enhance productivity, uptime, safety and service for equipment operators across the globe. While headquartered in Sweden, the majority of CrossControl’s advanced electronics are installed on OEM equipment that is primarily used outside of Europe. CrossControl’s management has done an outstanding job creating a growth platform 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 July 20, 2012