Actuant Completes Viking SeaTech Divestiture and Mirage Machines Acquisition
December 01 2017 - 9:00AM
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 CorporationKaren BauerCommunications & Investor
Relations Leader262-293-1562
Actuant (NYSE:ATU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Actuant (NYSE:ATU)
Historical Stock Chart
From Apr 2023 to Apr 2024