MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation (NYSE:ATU) announced today it has completed the
divestiture of the Viking SeaTech (“Viking”) business to Acteon Group
Limited (“Acteon”), a global subsea services business, and
simultaneously acquired Mirage Machines, Ltd. (“Mirage”) a provider of
industrial and energy maintenance tools, from Acteon. The completion of
the transactions follows receipt of all regulatory and other approvals.
Randy Baker, Actuant President and Chief Executive Officer stated, “We
are pleased to have completed these two meaningful portfolio management
actions which are designed to improve overall shareholder value. We
welcome Mirage Machines to the Actuant organization and look forward to
future success in broadening our tool offerings while providing
additional rental and service opportunities to the industrial and energy
MRO markets globally.”
Total consideration for the previously announced transactions included
proceeds of approximately $12 million for Viking and payment of
approximately $16 million for Mirage, subject to final working capital
adjustments. In addition, the Company will record final impairment and
divestiture charges in its fiscal 2018 second quarter financial results
of approximately $15-20 million.
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, 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/20171201005281/en/
Actuant Corporation
Karen Bauer
Communications & Investor
Relations Leader
262-293-1562
Source: Actuant Corporation
Released December 1, 2017