Actuant Completes Acquisition of Viking SeaTech
August 27 2013 - 4:30PM
Business Wire
Actuant Corporation (NYSE:ATU) announced today the completion of
its acquisition of Viking SeaTech (“Viking”). Total consideration
for the previously announced transaction was £150 million
(approximately $225 million) which was funded from the Company’s
cash and revolving credit facility.
Headquartered in Aberdeen, Scotland, Viking is an offshore
support specialist providing a comprehensive range of equipment and
services to the offshore oil and gas industry, primarily in the
North Sea (U.K. and Norway) and Australia. The majority of Viking’s
revenue is derived from offshore vessel mooring solutions which
include design, rental, installation and inspection. Viking also
provides survey, manpower and other marine services to offshore
energy asset owners.
The Company will be announcing its fiscal 2013 fourth quarter
and full year financial results on Tuesday, October 1, 2013 and
will provide additional information at that time about Viking and
its anticipated impact on future operating results.
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.
ActuantKaren BauerCommunications & Investor Relations
Leader262-293-1562
Actuant (NYSE:ATU)
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