Actuant Corporation (NYSE:ATU) announced today that it has acquired Turotest, a leader in the design and manufacture of instrument panels, gauges and senders serving the Brazilian agriculture and industrial markets. Turotest, headquartered near Sao Paulo, Brazil, generates annual revenues of approximately $13 million.
Turotest will operate as part of the Maxima business within Actuant’s Engineered Solutions Segment. Bill Blackmore, Executive Vice President, Engineered Solutions, stated: “Turotest is a great addition to our Maxima business, serving the attractive agriculture market in Brazil. We expect to leverage the strong technical capabilities and customer relationships of the combined businesses to further extend our reach into the growing agriculture, construction and mobile equipment markets in Latin America. Adding a well recognized brand like Turotest to Maxima provides us with the opportunity to expand into Latin America and better serve our global OEM customers with local production and technical support. We welcome the Turotest team to Actuant and look forward to working together to enhance the value of the business.”
Actuant Corporation is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic and electrical tools and supplies; specialized products and services for energy markets and highly engineered position and motion control systems. The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol ATU. For further information on Actuant and its businesses, visit the Company's website at www.actuant.com.Safe Harbor Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. Actuant’s results are also subject to general economic conditions, variation in demand from customers, the impact of geopolitical activity on the economy, continued market acceptance of the Company’s new product introductions, the successful integration of acquisitions, restructuring, operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, foreign currency fluctuations and interest rate risk. See the Company’s Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors. Actuant disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.