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Actuant To Sell Engineered Components & Systems For $214.5M

Tanzeel Akhtar

Actuant Corporation (NYSE: ATU) will sell its Engineered Components & Systems segment to an affiliate of One Rock Capital Partners for 4.5 million.

The deal will exclude Actuant's Cortland U.S. business. The businesses included in this segment will be Elliott manufacturing, Weasler engineering, CrossControl, Maximatecc and Gits Manufacturing.

"EC&S's [Engineered Components & Systems] innovative solutions are relied upon on by diverse end-users across the globe, and we intend to build upon the company's strong foundation by creating a standalone business positioned for growth," said Tony Lee, managing partner of One Rock.

Actuant shares closed Monday's session at $23.94. The stock has a 52-week range between $31 and $19.07.

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