Actuant Acquires CrossControl AB
Milwaukee, WI - Actuant Corporation (NYSE:ATU) announced that it has completed the acquisition of Alfta, Sweden based CrossControl AB for cash of approximately $40 million, plus potential future performance related consideration. CrossControl is a leading provider of advanced electronic solutions for user-machine interaction, vehicle control, and mobile connectivity in critical environments and has annual revenues of approximately $40 million.
CrossControl will operate as part of the Maxima business within Actuant’s Engineered Solutions Segment. Bill Blackmore, Executive Vice President, Engineered Solutions, stated: “CrossControl is a great addition to our Maxima and Turotest businesses, serving key end markets such as mining, cargo handling, forestry, construction and rail which align with Actuant’s strategic growth themes including infrastructure and natural resources. CrossControl brings long-term customer relationships, technical engineering expertise as well as customized software applications and hardware products for high-end electronic displays. Its “smart” display technologies enhance productivity, uptime, safety and service for equipment operators across the globe. While headquartered in Sweden, the majority of CrossControl’s advanced electronics are installed on OEM equipment that is primarily used outside of Europe. CrossControl’s management has done an outstanding job creating a growth platform and we look forward to them joining the Actuant team.”
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.