Applied Power Inc. Completes Sale of Barry Wright Corporation.Business Editors WAUKESHA, Wis.--(BUSINESS WIRE)--June 30, 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 ) announced today that it has closed the sale of Barry Wright Corporation to Hutchinson S.A., a subsidiary of the TotalFinaElf Group. As previously announced, the transaction is for cash with the proceeds being used to reduce the debt of Applied Power Inc. The Barry Wright Corporation is comprised of the Barry Controls Aerospace and Barry Controls Defense and Industrial divisions, and its UK subsidiary, Barry Controls Ltd. This completes all of the divestitures announced by Applied Power in late April and early May of this year. As previously announced, these initiatives were effected to reduce debt and more strategically focus the remaining industrial businesses, which will operate as Actuant Corporation following the spin-off of Applied Power's Electronics business. The spin-off is expected to be complete by the end of August 2000. About Applied Power Inc. Applied Power Inc., headquartered in Waukesha, Wisconsin Waukesha [ˈwɑkəˌʃɑ] is a city in and the county seat of Waukesha CountyGR6, Wisconsin, United States. As of the 2000 census, Waukesha had a total population of 64,826. , is a global company comprised of two business segments. Electronics supplies electronic enclosures, power supplies, thermal systems, backplanes, and cabling either as products or integrated as a system supplied along with new product design, supply chain management, assembly and test services. Industrial is composed of standard and customized 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 products sold to a wide array of end users through distribution or directly into a variety of niche 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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