Actuant Corporation (NYSE:ATU) announced today that it has acquired
Templeton, Kenly & Co, Inc. (?TK?)
for approximately $48 million in cash. Funding for the completed
transaction came from the Company's revolving
credit facility.
Headquartered in Broadview, Illinois, TK produces hydraulic pumps and
tools, mechanical jacks, wrenches, and actuators. Its products are sold
under well established brand names including Simplex, Uni-Lift, and Pow'r-Riser.
TK generated approximately $33 million in sales in the last year, and
has approximately 120 employees.
TK will operate within Actuant's Industrial
Segment, which includes Enerpac. Mark Goldstein, Chief Operating Officer
of Actuant, stated: ?TK is a great addition to
our global industrial platform. Their leading positions in the
mechanical jack product line and the railroad end market represent
attractive market extensions for Actuant, and we are excited about the
prospects for utilizing our global distribution network to accelerate
the sales of these products. In addition, TK's
hydraulic pumps and tools are an excellent complement to our Enerpac
product line. TK President Tom Danza and his management team have been
successful in creating a growth platform, and we look forward to them
joining the Actuant team.?
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 $1.7 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
Director,
Investor Relations
262-373-7462
bourse
