Product category:
Couplings, Seals, Gaskets
News Release from: Enerpac
Edited by the Processingtalk Editorial
Team on 01 June 2005
Enerpac parent acquires Hydratight
Sweeney
Actuant Corporation, the parent company of Enerpac, announced today the completion of its Hydratight Sweeney acquisition
Actuant Corporation, the parent company of Enerpac, announced today the completion of its Hydratight Sweeney acquisition Total consideration for the previously announced transaction was approximately $93 million with proceeds being funded from the Actuant existing credit facilities
This article was originally published on Processingtalk on 24 Oct 2003 at 8.00am (UK)
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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 Arzbaecher, Actuant President and CEO, said, "Hydratight Sweeney continues the Actuant 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 Tools and Supplies segment.
Mark Goldstein, Executive Vice President of Actuant and Tools and 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.".
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