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Actuant Corp. (NYSE:ATU) has authorized a plan to divest its electrical segment.
"The sale of Electrical allows Actuant to streamline our strategy and refocus on the remaining businesses in a way that better positions the company to take advantage of our core competencies, current business model and global growth trends,” said Robert C. Arzbaecher, CEO.
The manufacturer plans to focus on energy, infrastructure, farm productivity and natural resources & sustainability.
“Actuant’s three remaining segments are well positioned to build on these secular growth trends, further expand into emerging markets, and deliver superior long-term returns,” Arzbaecher said.
The electrical segment primarily serves the retail do-it-yourself, marine, industrial OEM and wholesale electrical markets with products under the Gardner Bender, Marinco, Mastervolt, Acme and Turner Electric brand names. In 2012, it had sales of $325 million. The segment employs 1,000 and operates from six locations across the globe with its headquarters in Menomonee Falls, WI.