MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation (NYSE:ATU) announced today that it has acquired the
business and assets of the Middle East, Caspian and North Africa
division (“FourQuest MENAC”) of privately owned Canadian-based FourQuest
Energy Inc for approximately $60 million. Based in Dubai, UAE, FourQuest
MENAC maintains a leading position in the provision of pipeline and
process services across the Caspian, the Middle East and the North
Africa regions. It provides a full range of industrial services and
equipment from engineering, chemical cleaning, hydro-testing, oil
flushing, air / steam blowing, nitrogen / helium leak testing services
and full pipeline pre-commissioning services. Calendar 2015 revenues
were approximately $25 million.
“FourQuest MENAC’s services are highly complementary to our existing
Hydratight offering and this acquisition enhances our position as a
leader of integrity and maintenance services in the energy space – one
of Actuant’s four macro growth markets,” said Brian Kobylinski,
Executive Vice President, Energy Segment & China. "The ability to
provide a bundled offering of maintenance capabilities will allow us to
deliver enhanced value to our customers, along with the ability to
globalize FourQuest MENAC’s service offering throughout Hydratight’s
footprint With an expanded pool of highly trained technicians, we expect
this service line will generate meaningful growth over time.”
The purchase price is expected to be funded from existing cash balances.
About Actuant
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions, 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 activities, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160330006323/en/
Actuant Corporation
Karen Bauer
Communications & Investor
Relations Leader
262-293-1562
Source: Actuant Corporation
Released March 30, 2016