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Diversified industrial company Actuant Corp. (NYSE: ATU), Butler, WI, announced plans to divest its European Electrical business, which markets its products primarily under the Kopp brand name. The European Electrical business has previously been reported as part of the company's Electrical segment.
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European Electrical (consisting of Kopp and Dresco) designs, manufactures and markets electrical sockets, switches and other tools and consumables predominately for the European Do-It-Yourself (DIY) retail market. It has operations in Germany, Austria and Tunisia, and employs approximately 525 people. Its annual revenues approximate $105 million.
"The Kopp business has a strong brand and market position, a committed workforce, and prospects for future profitable growth," CEO Robert C. Arzbaecher said. "However, we believe that future growth can be more fully realized with an owner focused on the European DIY market."