Actuant Acquires Hydratight Sweeney
Actuant Acquires Hydratight Sweeney
John Wolz
Actuant Corp. announced it has acquired Hydratight Sweeney, a U.K. manufacturer of bolting products, for $93 million from Dover Diversified Inc.
Glendale, WI-based Actuant, listed on the NYSE with the symbol ATU, has $1 billion in global sales and 5,000 employees worldwide.
Hydratight Sweeney will be managed as part of Enerpac under Actuant”s Tools & Supplies segment. Enerpac, headed by Marius Schueler, manufactures high-force hydraulics for the industrial, power generation, civil, maintenance and oil and gas markets.
Don Fancher will continue to head Hydratight Sweeney.
The bolting business unit was recently established within Enerpac to “take advantage of the tremendous growth opportunities in the oil and gas industry,” according to an Actuant news announcement. Enerpac”s bolting business already included Hedley Purvis and Enerpac bolting units.
With the addition of Hydratight Sweeney, the bolting unit”s sales total approximately $90 million and include 500 employees in 20 countries.
Hydratight Sweeney has locations in Europe, Brazil, Japan, Saudi Arabia and the U.S.
Actuant manufactures motion control systems and branded hydraulic and electrical tools. Web: Actuant.com �2005 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment