Actuant completes Hydratight Sweeney acquisition
(17/10/2006)

Actuant Corporation has completed the Hydratight Sweeney acquisition. Total consideration for the previously announced transaction was approximately $93 million with proceeds being funded from Actuant’s existing credit facilities.

Hydratight Sweeney, with headquarters in Birmingham, United Kingdom, manufactures and provides bolting products and services to the oil and gas, power generation, industrial, and other end-user markets.

Commenting on the transaction, Robert C. Arzbaecher, Actuant President and CEO, said, “Hydratight Sweeney continues Actuant’s bolting initiative. Combined with our existing Enerpac and Hedley Purvis organizations, we now have $90 million of bolting related product sales and 500 employees operating in 20 countries worldwide.”

Hydratight Sweeney will report into the Enerpac business and be included in Actuant’s Tools & Supplies segment.

Mark Goldstein, Executive Vice President of Actuant and Tools & Supplies Segment Leader, stated, “We identified the bolting market as a key growth driver for our Enerpac business two years ago and determined that developing a complete product line including service was critical to our success. Hydratight Sweeney accomplishes this, adding product, service and scale to our portfolio. Combining the capabilities of Hydratight Sweeney, Hedley Purvis and Enerpac enables us to offer customers a full line of joint-integrity solutions on a global basis.”