Actuant Acquires Hedley Purvis.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 purchased the shares of Hedley Purvis Holdings Limited for approximately $28 million in cash. Headquartered in Morpeth, United Kingdom, Hedley Purvis designs and manufactures products for the bolting market, including torque wrenches, multipliers, tensioners, and pumps. In addition, it provides rental, manpower, and other services to bolting end users including BP, Mobil, Texaco, Marathon, and BJ Services. Funding for the transaction was provided from Actuant's existing credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Robert Arzbaecher, President and Chief Executive Officer of Actuant, commented, "Hedley Purvis' market position, strong brand, and broad product and service portfolios complement our Enerpac business. We expect the transaction will be accretive to earnings per share during fiscal 2005, making it attractive for Actuant shareholders." Hedley Purvis will report into the Enerpac business and be included in Actuant's Tools & Supplies segment. Mark Goldstein, Tools & Supplies President, stated, "Hedley Purvis is our first strategic addition to Enerpac and is a natural fit that provides Enerpac product line extensions Product line Extensions and Patient safety In a world of product line extensions, there are many different products with similar names. Examples of these include oxycodone versus oxycontin (oycodone CR), buproprion vs buprion SR vs bruproprion XL, codeine versus codeine contin and a service platform. Mike Rudd Mike Rudd is a New Zealand born musician and composer who has been based in Australia since the late 1960s, and who is best known as the leader of respected Australian progressive rock bands Spectrum and Ariel in the 1970s. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hedley Purvis, and his team have worked hard over the past 25 years to develop a strong brand franchise and position in the marketplace. We believe the combination of Hedley Purvis' bolting product and service network with Enerpac's hydraulics expertise and distribution competencies will offer customers a complete bolting solution provider. I look forward to working with Mike and his management team as we expand our industrial tool portfolio." Actuant, headquartered in Milwaukee, Wisconsin For other places with the same name, see Milwaukee (disambiguation). Milwaukee is the largest city within the state of Wisconsin and 25th largest (by population) in the United States. , is a diversified industrial company with operations in over 20 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools. Products are offered under such established brand names as Acme Electric, Dresco, B.W. Elliott, Enerpac, Gardner Bender, Gits Manufacturing, Kopp, Kwikee, Marinco, Milwaukee Cylinder, Nielsen Sessions, Power-Packer, Power Gear, Sperry, Turner Electric, and Yvel. For further information on Actuant and its business units, visit the Company's website at www.actuant.com. |
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