Actuant Signs Agreement to Acquire Viking SeaTech
August 02 2013 - 7:30AM
Business Wire
Actuant Corporation (NYSE:ATU) announced today the signing of a
definitive agreement to acquire Viking SeaTech (“Viking”). The
purchase is subject to customary regulatory approvals and closing
conditions, and is expected to be completed within 45 days. The
approximately £150 million ($225 million) purchase price will be
funded from the Company’s cash and revolving credit facility, and
excludes potential future performance related consideration. Viking
generated approximately $90 million in revenue in the past twelve
months.
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. Viking serves
customers globally with its primary markets 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.
Commenting on the transaction, Robert C. Arzbaecher, Chairman
and CEO of Actuant stated, “Viking represents a great addition to
Actuant’s energy platform and will be included within the Energy
segment. Its leadership position in the largest offshore regions,
strong technical competency and solid management team have allowed
Viking to generate above average growth and margins. Given positive
energy dynamics that support offshore development and production
around the globe, notably new finds and redevelopment of current
fields where Viking’s customized mooring solutions are well suited,
as well as Actuant’s ability to expand Viking’s presence on a
global scale, we expect this growth to continue. Viking’s revenue
mix includes product, rental and service components, similar to
Actuant’s existing energy businesses. Bill Bayliss, President of
Viking, along with his leadership team have done an outstanding job
positioning Viking as a premier subsea services firm and we look
forward to them joining the Actuant organization.”
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.
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