Actuant Corporation (NYSE:ATU) announced today that it has acquired BH
Electronics (?BHE?)
for $30 million in cash. Funding for the transaction came from the
Company's revolving credit facility.
Headquartered in Munford, Tennessee, BHE produces dashboard control
panels and electronic assembly systems, primarily for the marine market.
BHE generated $35 million in sales in 2006, and has approximately 450
employees.
BHE will operate within Actuant's Electrical
Segment. Mark Goldstein, Chief Operating Officer of Actuant, stated: ?BHE
is a great addition to our global marine platform. BHE's
strong relationships with major recreational boat builders in the U.S.,
coupled with the products provided through our existing brands such as
Marinco, BEP, Ancor, and Guest, will enable us to further develop our
strategy of providing systems solutions to the OEM market. We are also
excited about the prospects for introducing BHE's
products and solutions to OEMs in other markets where Actuant has a
significant presence, such as RV and off-highway vehicles.?
About Actuant
Actuant, headquartered in Butler, Wisconsin, is a diversified industrial
company with operations in more than 30 countries. The Actuant
businesses are market leaders in highly engineered position and motion
control systems and branded hydraulic and electrical tools and supplies.
Since its creation through a spin-off in 2000, Actuant has grown its
sales from $482 million to over $1.4 billion and its market
capitalization from $113 million to over $1.5 billion. The Company
employs a workforce of more than 6,700 worldwide. Actuant Corporation
trades on the NYSE under the symbol ATU. For further information on
Actuant and its business units, 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 registration statements field with
the Securities and Exchange Commission for further information regarding
risk factors.
Actuant Corporation
Karen Bauer, 262-373-7462
Director,
Investor Relations
bourse
