Actuant Corporation announced July 27 that it has completed the sale of its Acme Aerospace business to TransDigm Group Inc. Actuant’s Acme Aerospace business, reported within the Engineered Solutions segment, designs and manufactures lightweight, high-power battery chargers, power supplies and backup power systems including fiber nickel-cadmium (FNC) batteries for use in commercial and military aerospace applications. The business has annual revenues of approximately $18 million.
Robert C. Arzbaecher, Actuant chief executive officer, stated, “We are pleased to have completed the divestiture of this business to a strategic buyer whose complementary product offerings provide a clear fit for Acme Aerospace.”
In addition, the company announced that it has reached an agreement to sell its BH Electronics business which provides custom dash panels and electrical wiring harnesses to recreational boat OEMs. The company expects to complete this transaction by the end of the fiscal year. BH Electronics is included within the Harsh Environment Electrical product line in Actuant’s Electrical Segment and has annual revenues of approximately $15 million.
Arzbaecher continued, “These transactions are part of our portfolio management efforts to proactively focus on platforms where we can build meaningful positions and support our strategic growth initiatives.”
Total cash proceeds from these transactions approximate $40 million and will be used to reduce Actuant’s outstanding indebtedness. The company expects to record an aggregate net gain on the divestitures of approximately $15 million.
About Actuant
Actuant, headquartered in Butler, Wis., is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are market leaders in branded hydraulic and electrical tools and supplies, umbilical, rope and cable solutions as well as highly engineered position and motion control systems. Since its creation through a spin-off in 2000, Actuant has grown its sales from $482 million to $1.66 billion in fiscal 2008. The company employs a workforce of approximately 6,200 worldwide.
