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
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|Date:||Jun 23, 1992|
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