Actuant Corporation Sale Of A Major Division Provides Cash But Not Much Else
Actuant Corp. (ATU) decided to sell its Engineered Components and Systems division for $214.5 million to One Rock Capital Partners today. The sale will close sometime in Q3 2019. ATU wants to use the proceeds to focus on its Enerpac Industrial Tools and Services business, pursue acquisitions of other machine tool companies and return capital to shareholders through share repurchases. Based on a pro-forma analysis, the company will be close to debt-free:
Source: Hake estimates
The company has given guidance