Printer Friendly

APPLIED POWER TO DISPOSE OF WRIGHT LINE BUSINESS

 APPLIED POWER TO DISPOSE OF WRIGHT LINE BUSINESS
 MILWAUKEE, Wis., June 23 /PRNewswire/ -- Applied Power Inc.


(NASDAQ: APWRA) has decided to dispose of its Wright Line business with the objective of concluding this process within the next twelve months, according to Richard G. Sim, chairman and president. He said Wright Line will be shown as a discontinued business in the company's third quarter results for the period ended May 31, 1992. Applied Power's third quarter results are expected to be released on June 30, 1992.
 Sim said discontinuance of the Wright Line business is expected to result in a one-time charge to earnings of approximately $33 million, or $ 2.52 per share. "This charge is based upon estimated gross proceeds for the sale of Wright Line of approximately $25 million. The actual proceeds for the sale of Wright Line may be more or less than this estimate."
 Applied Power is a world leader in industrial motion and position control applications and a pioneer in the marriage of hydraulic and vibration technologies with electronics.
 The company currently is comprised of six business segments: APITECH (digitally controlled systems to provide "smart" hydraulic motion), Barry Controls (vibration and shock isolation), Enerpac (hydraulic high force tools and production automation components), GB Electrical (products for electrical contractors and consumers), and Wright Line (media filing and storage systems). Non-U.S. activities account for 45 percent of overall revenues.
 -0- 6/23/92
 /CONTACT: R. Foote of Applied Power, 414-781-6600, or N. Biro, 708-498-2284, or J. Tolan, 708-498-2284, both of O'Connor Biro & Associates, for Applied Power/
 (APWRA) CO: Applied Power Inc. ST: Wisconsin IN: SU:


AH -- NY090 -- 3034 06/23/92 17:50 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1992
Words:277
Previous Article:GRUMMAN AWARDED CONTRACT TO BUILD SUPERCONDUCTING MAGNETS
Next Article:NEW YORK STOCK EXCHANGE CLOSING, TUESDAY, JUNE 23 /PRN/
Topics:


Related Articles
APPLIED POWER REPORTS 2ND QUARTER EARNINGS 20 CENTS VERSUS FIVE CENTS EXPENSES AND DEBT REDUCED; SALES DIP; MEXICAN AND GERMAN JOINT VENTURES
APPLIED POWER DECLARES QUARTERLY DIVIDEND
APPLIED POWER SIMPLIFIES CAPITALIZATION; ELIMINATES CLASS B STOCK
APPLIED POWER ELECTS RICHARD SAVAGE OF MODINE MANUFACTURING TO BOARD
APPLIED POWER REPORTS THIRD QUARTER LOSS DUE TO ONE-TIME $2.35 PER SHARE CHARGE FOR PLANNED WRIGHT LINE DIVESTITURE
APPLIED POWER NAMES ORLIN YENERICH EXECUTIVE VICE PRESIDENT
CORRECTION TO APPLIED POWER REPORTS THIRD QUARTER LOSS DUE TO ONE-TIME $2.35 PER SHARE CHARGE FOR PLANNED WRIGHT LINE DIVESTITURE
APPLIED POWER SUBSIDIARY SETTLES GSA DISPUTE
Wright Line Achieves Patent on It's Tech Raceway(TM) Power System.
APW-Wright Line Announces Formation of Global Technology Alliance - Partners With BayTech.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters