Printer Friendly

APPLIED POWER SIMPLIFIES CAPITALIZATION; ELIMINATES CLASS B STOCK

 APPLIED POWER SIMPLIFIES CAPITALIZATION; ELIMINATES CLASS B STOCK
 MILWAUKEE, June 1 /PRNewswire/ -- The capitalization structure of Applied Power Inc. (NASDAQ: APWRA) is being simplified with the elimination of all privately-held class B common stock which is being converted into publicly traded class A common shares.
 Applied Power had 2,252,650 shares of class B common stock outstanding, all of which are being converted. The shares were held primarily by relatives of the company's founder and elected a majority of the board of directors. The conversion eliminates the class B common stock so that the board of directors will be elected entirely by shareholders of the company's publicly-held class A shares.
 The company said there would be no dilution of the class A stock since the conversion is on a one-for-one basis. After the conversion, Applied Power will have 12,948,265 class A common shares outstanding. The exchange is effective as of June 1, 1992.
 Applied Power is a world leader in industrial motion and position control applications and a pioneer in the marriage of hydraulic and vibration technologies with electronics. The company is comprised of six business segments: APITECH, digitally controlled systems to provide "smart" hydraulic motion; Barry Controls, vibration and shock isolation products; Enerpac, hydraulic high force tools and production automation components; GB Electrical, products for electrical contractors and consumers; Power-Packer, truck cab and convertible top actuation systems; and Wright Line, media filing and storage systems. Non-U.S. activities account for 45 percent of overall revenues.
 -0- 6/1/92
 /CONTACT: Robert T. Foote, Jr., vice president and CFO, 414-781-6600 of Applied Power; or Nick Biro or Jim Tolan, of O'Connor Biro & Associated, 708-498-2284 for Applied Power/
 (APWRA) CO: Applied Power Inc. ST: Wisconsin IN: SU:


LR -- NY054 -- 5721 06/01/92 13:13 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 1, 1992
Words:298
Previous Article:PHILADELPHIA ELECTRIC FILES FOR RATE DECREASE FOR SUBURBAN NATURAL GAS CUSTOMERS
Next Article:USAIR TO OFFER ADDITIONAL SERVICE AT WASHINGTON NATIONAL
Topics:


Related Articles
PIEDMONT MANAGEMENT COMPANY PROPOSES TO ELIMINATE DUAL CLASS VOTING STRUCTURE
PIEDMONT MANAGEMENT COMPANY PROPOSES TO ELIMINATE DUAL CLASS VOTING STRUCTURE
APPLIED POWER TO LIST ITS STOCK ON NEW YORK STOCK EXCHANGE
SAN DIEGO G&E 'A+' FIRST MORTGAGE BONDS, 'A' PREFERRED AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --
High-speed machining from solid stock.
DCR Reaffirms American General Corporation's Senior Debt at 'AA-'; Commercial Paper Rating at 'D-1+'
Vanguard's New Index Funds Collect $230 Million During Subscription Period
Spectrum/Siti-Sites.com Announces Increased Capitalization.
The historic absorption ratio method and TAM 9810003 - will good tax policy be turned bad?
Goodrich Petroleum Corporation Announces Completion of Offering and Exchange Of Preferred Stock.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters