Actuant Acquires Precision Sure-Lock.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 outstanding stock of Precision Sure-Lock for approximately $43 million. 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. Precision Sure-Lock, based in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , generated approximately $25 million of sales in the last twelve months and employs approximately 75 associates. It maintains a leading U.S. market position in the concrete pre- and post-tensioning product markets. Its products include one-time use and reusable chucks and wedges, stressing jacks, and anchors that are used by concrete tensioning system designers, fabricators, and installers. End markets include residential, commercial, and public-works concrete construction, underground mining, and ground stabilization. No other financial terms are being disclosed. Precision Sure-Lock will be part of the industrial tools business within Actuant's Tools & Supplies segment. Mark Goldstein, Executive Vice President of Actuant and Tools & Supplies Segment Leader, stated, "Precision Sure-Lock is a great addition to the industrial tools business. Its products are used by similar end users and on similar projects and given our global reach, we see opportunities to expand the geographical markets Precision Sure-Lock currently serves. The above average growth of tensioning as a method to reinforce concrete is also attractive. Additionally, the consumable A material that is used up and needs continuous replenishment, such as paper and toner. "The low-tech end of the high-tech field!" nature of Precision Sure-Lock's products will provide product diversification and a recurring revenue stream, both of which are important. Bob Van Noord, the current President and 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 Precision Sure-Lock, and his team will continue to run the business, reporting to George Bowman, Enerpac President." 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 $1.5 billion. The company employs a workforce of approximately 6,000 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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