Actuant Acquires Actown.MILWAUKEE -- Actuant Corporation (NYSE NYSE See: New York Stock Exchange :ATU (ADSL Transceiver Unit) A device that provides ADSL modulation of the telephone line. The device at the telco side is the ATU-C (Central), which is a line card plugged into the DSLAM. ) announced today that it has completed the purchase of all of the outstanding stock of Actown-Electrocoil, Inc. for approximately $24 million in cash. Funding was provided from borrowings under Actuant's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. Actown, headquartered in Spring Grove, Illinois Spring Grove is a village in McHenry County, Illinois, United States. The population was 3,880 at the 2000 census. The population has grown to 5,303 as of 2005. It is also home to Chain O'Lakes State Park. , generated approximately $36 million of sales in 2005 and employs approximately 300 associates. Its products include custom transformers, coils, neon transformers and LED lighting systems. Actown's OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customer base serves diverse end markets including low-voltage lighting, construction, factory automation, wireless communication and power generation. It supports its customers on a global basis with operations in Illinois, Mexico and China. Actown will be a part of Actuant's Tools & Supplies Segment. Mark Goldstein, Executive Vice President of Actuant and Tools & Supplies Leader, stated, "Actown is a great addition to our Professional Electric product line, which also includes Amveco and Acme Transformer. Actown's focus on the OEM customer base within the magnetics and sign markets is an excellent complement to our existing businesses. Its engineering expertise, long-standing customer relationships and global footprint allow us to offer the market a broader range of products and services. We are excited that Dave Weisberg, Steve Duffy and the rest of the current Actown management team will continue to play an important role in the Company's future." About Actuant Actuant, headquartered in Glendale, Wisconsin For other places with the same name, see Glendale, Monroe County, Wisconsin. Glendale is a city in Milwaukee County, Wisconsin, United States. The population was 13,367 at the 2000 census. Geography Glendale is located at (43. , 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 billion and its market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. from $113 million to over $1.2 billion. The company employs a workforce of approximately 6,500 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. |
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