Applied Power Inc. Announces the Spin-Off Of APW Ltd.Business Editors WAUKESHA, Wis.--(BUSINESS WIRE)--July 11, 2000 Applied Power Inc. (NYSE NYSE See: New York Stock Exchange :APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander ) today announced that the Board of Directors has approved the spin-off of its Electronics business. Shareholders of Applied Power Inc. common stock will receive one share of APW Ltd. common stock for every Applied Power Inc. share owned as of the July 21, 2000 record date. Beginning July 19, 2000, APW Ltd. will trade separately on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE) as "APW" and Applied Power Inc. will continue to trade on the NYSE, but will change its ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors to "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. " and change its name to Actuant Corporation. The spin-off is expected to be completed July 31. The spin-off allows APW Ltd. to focus on its integrated electronic enclosures systems business and permits the management of each Company to focus more directly on the opportunities specific to the business of that particular enterprise. APW Ltd., a Bermuda corporation, is a leading, global provider of electronics system design and manufacturing services focused on the rapidly growing communications, computing and internet markets. Commenting on the spin-off, Richard G. Sim, Chairman and Chief Executive Officer of Applied Power Inc., said, "We are very pleased that the Board has approved the spin-off of APW Ltd. The market can now evaluate APW and Actuant as separate and unique stocks targeting very distinct business segments. We believe that this spin-off will help to unlock the value inherent in these two Companies that until now has been difficult to do under a combined entity." Further information concerning the transaction is contained in an Information Statement being sent to Applied Power Inc. shareholders beginning today. The Information Statement, Form 10, is available for viewing online by going to www.freeedgar.com and entering APW Ltd. as the Company name. About Actuant Corporation 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 global company that has two business segments; Tools & Supplies and Engineered Solutions. Tools & Supplies sells branded, specialized industrial and electrical tools to hydraulic and electrical wholesale distributors, catalog houses and various retail distribution channels. Engineered Solutions designs and markets customized motion control systems for original equipment manufacturers (OEM's) in diversified niche markets. About APW Ltd. APW Ltd., a Bermuda corporation, operates in over 45 locations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. APW Ltd. provides design services and manufacturing of integrated electronic enclosure systems including, enclosures, power supplies, thermal management systems, backplanes and cabling either as stand alone standard or custom products or as an integrated custom system provided with product design, supply chain management and assembly and test services. These products and services are focused primarily to meeting the needs of OEMs in the rapidly growing communications, computing and internet markets. For further information contact: Applied Power Inc. Susan Hrobar, Vice President 262-523-7600 www.apw1.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that these projections are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Applied Power's results are also subject to general economic conditions, continued market acceptance of the Company's new product introductions, the successful integration of recent acquisitions, operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: risk due to competitive pricing, foreign currency fluctuations and interest rate risk. |
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