MILWAUKEE–(BUSINESS WIRE)–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.
