Actuant Acquires T.T. Fijnmechanica
Actuant Corporation (NYSE:ATU) announced today that it has acquired T.T. Fijnmechanica B.V. ("TTF") for approximately $20 million. Funding for the transaction came from the Company's revolving credit facility.
Headquartered in Roermond, The Netherlands, TTF supplies products and systems for use in the bridge building, infrastructure and heavy lifting markets. Products include wedges, anchor heads, multi-strand jacks, and heavy lifting systems. TTF generated approximately $10 million in sales in 2006, and has approximately 30 employees.
TTF will operate within Actuant's Enerpac business, which is part of Actuant's Industrial Segment. Mark Goldstein, Executive Vice President of Actuant, stated: "TTF is a great addition to our global construction and tensioning platforms. Its strong presence in the European market is an excellent complement to our Precision Sure-Lock business. The combination of Enerpac, Precision Sure-Lock, and TTF allow us to provide solutions for the largest and most sophisticated tensioning and heavy lifting projects on a global basis."
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 $1.3 billion and its market capitalization from $113 million to over $1.3 billion. The Company employs a workforce of more than 6,700 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 April 16, 2007