Actuant Reaches Agreement to Acquire FourQuest MENAC
March 30 2016 - 4:30PM
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.
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Actuant CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
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