MILWAUKEE--(BUSINESS WIRE)--
Actuant Corporation (NYSE:ATU) announced today the completion of its
acquisition of Viking SeaTech (“Viking”). Total consideration for the
previously announced transaction was £150 million (approximately $225
million) which was funded from the Company’s cash and revolving credit
facility.
Headquartered in Aberdeen, Scotland, Viking is an offshore support
specialist providing a comprehensive range of equipment and services to
the offshore oil and gas industry, primarily in the North Sea (U.K. and
Norway) and Australia. The majority of Viking’s revenue is derived from
offshore vessel mooring solutions which include design, rental,
installation and inspection. Viking also provides survey, manpower and
other marine services to offshore energy asset owners.
The Company will be announcing its fiscal 2013 fourth quarter and full
year financial results on Tuesday, October 1, 2013 and will provide
additional information at that time about Viking and its anticipated
impact on future operating results.
About Actuant
Actuant Corporation is a diversified industrial company serving
customers from operations in more than 30 countries. The Actuant
businesses are leaders in a broad array of niche markets including
branded hydraulic tools and solutions; specialized products and services
for energy markets and highly engineered position and motion control
systems. The Company was founded in 1910 and is headquartered in
Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol
ATU. For further information on Actuant and its businesses, visit the
Company's website at www.actuant.com.
Actuant
Karen Bauer
Communications & Investor Relations
Leader
262-293-1562
Source: Actuant
Released August 27, 2013