Actuant Corporation ATU will sell its Engineered Components & Systems segment to an affiliate of One Rock Capital Partners for $214.5 million.
The deal will exclude Actuant's Cortland U.S. business. The businesses included in this segment will be Elliott manufacturing, Weasler engineering, CrossControl, Maximatecc and Gits Manufacturing.
"EC&S's [Engineered Components & Systems] innovative solutions are relied upon on by diverse end-users across the globe, and we intend to build upon the company's strong foundation by creating a standalone business positioned for growth," said Tony Lee, managing partner of One Rock.
Actuant shares closed Monday's session at $23.94. The stock has a 52-week range between $31 and $19.07.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.