Market Overview

Altra Reports Second-Quarter 2018 Results

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BRAINTREE, Mass., July 26, 2018 (GLOBE NEWSWIRE) -- Altra Industrial Motion Corp. (NASDAQ:AIMC), a global manufacturer and marketer of electromechanical power transmission and motion control products, today announced unaudited financial results for the second quarter ended June 30, 2018.

Second-Quarter Financial Highlights

  • Net sales were $237.3 million, up 6.2% from $223.4 million in the second quarter of 2017. Excluding the positive impact of foreign currency translation, net sales were up 2.9% from the same quarter of 2017.
  • Net income increased 23.4% to $19.0 million, or $0.65 per diluted share, from $15.4 million, or $0.53 per diluted share, in the second quarter of 2017.
  • Non-GAAP net income grew 25.3% to $20.8 million, or $0.71 per diluted share, from $16.6 million, or $0.57 per diluted share, a year ago.* 
  • Free cash flow increased 23.5% to $14.2 million year to date compared to the same period last year.*

Management Comments

"Our strong momentum continued in the second quarter as sales grew 6.2%, our sixth consecutive quarterly year-over-year increase," said Carl Christenson, Altra's Chairman and CEO. "We are capitalizing on the ongoing strength of the industrial economy, leveraging robust demand across most of our end markets, and we remain on-track in the execution of our growth strategy. Through our ongoing focus on bottom-line improvement, we achieved 23.4% and 25.3% increases in GAAP and non-GAAP net income, respectively, in the second quarter.*  

"Integration planning is on target for the combined Fortive Automation & Specialty business and Altra businesses to hit the ground running on day one," continued Christenson. "Our plan remains to close on the acquisition by the end of the year and our entire team is working very hard to close as early as possible. We look forward to creating a premium global industrial company that expands our portfolio across the technology spectrum and increases our exposure to end markets with attractive secular trends.

"We have a strong new business pipeline with excellent opportunities for organic growth, and increasing confidence in the staying power of the current industrial economy," continued Christenson. "As a result of this optimism and our first-half performance, we are raising our guidance for full year 2018." 

Business Outlook

Altra is increasing its guidance for full year 2018. The Company currently expects full-year 2018 sales in the range of $920 to $935 million, up from its previous guidance in the range of $910 to $930 million.  Altra currently expects GAAP diluted EPS in the range of $2.06 to $2.11, and non-GAAP diluted EPS in the range of $2.45 to $2.55.  This is up from its previous guidance of GAAP diluted EPS in the range of $1.99 to $2.08, and non-GAAP diluted EPS guidance in the range of $2.36 to $2.49. The Company expects its tax rate for the full year to be approximately 23% to 25% before discrete items, capital expenditures in the range of $28 to $30 million, and depreciation and amortization in the range of $36 to $38 million.*

Reconciliations of Non-GAAP Disclosures

*Reconciliation of Non-GAAP Net Income:

    Quarter Ended     Year to Date Ended  
    June 30, 2018     June 30, 2017     June 30, 2018     June 30, 2017  
Net Income   $ 19,007     $ 15,384     $ 28,008     $ 25,710  
Restructuring and consolidation costs   $ 566     $ 1,198     $ 1,509     $ 3,096  
Loss on extinguishment of convertible debt     -       -       -       1,797  
Loss on settlement of pension plan     -       -       5,086       -  
Supplier warranty settlement     (1,980 )     -       (1,980 )     -  
Amortization of inventory fair value adjustment     -       -       -       2,347  
Acquisition related expenses     1,833       568       7,241       1,566  
Tax impact of above adjustments     1,348       (529 )     213       (2,620 )
Non-GAAP net income*   $ 20,774     $ 16,621     $ 40,077     $ 31,896  
Non-GAAP diluted earnings per share*   $ 0.71     $ 0.57     $ 1.37     $ 1.10  

*Reconciliation of Free Cash Flow:

  Quarter Ended  
  June 30, 2018     June 30, 2017  
Net cash flows from operating activities $ 29,109     $ 25,956  
Purchase of property, plant and equipment   (14,936 )     (14,416 )
Free cash flow* $ 14,173     $ 11,540  
In Thousands of Dollars, except per share amounts              

*Reconciliation of Non-GAAP Operating Margin:

    Quarter Ended Year to Date Ended  
    June 30, 2018     June 30, 2017     June 30, 2018     June 30, 2017  
Income from operations   $ 28,049     $ 23,149     $ 47,729     $ 40,811  
Restructuring and consolidation costs     566       1,198       1,509       3,096  
Amortization of inventory fair value adjustment     -       -       -       2,347  
Supplier warranty settlement     (1,980 )     -       (1,980 )     -  
Acquisition related expenses     1,833       568       7,241       1,566  
Non-GAAP income from operations *   $ 28,468     $ 24,915     $ 54,499     $ 47,820  
Non-GAAP Income from operations as a percent of net sales*     12.0 %     11.2 %     11.4 %     10.9 %


    Fiscal Year 2018     Fiscal Year 2018
Diluted earnings
per share
   
           
Net Income   $60.0 - $61.4     $2.06 - $2.11    
Adjustments (1)              
Restructuring and consolidation costs   2.0 - 4.0          
Acquisition related expenses (2)   7.2       
Loss on settlement of pension plan   5.1       
Supplier warranty settlement   (2.0)          
Tax impact of above adjustments (3)   (1.0) - (1.5)      
               
Non-GAAP Net Income   $71.3 - $74.2     $2.45 - $2.55    
               
(1) Adjustments are pre-tax, with net tax impact listed separately.
(2) Due to the uncertainty as to when future acquisition-related expenditures will be incurred, Altra has only included in its reconciliation those costs incurred year-to-date.  Altra expects to incur between $30-$50 million in acquisition-related expenditures in conjunction with the planned Fortive A&S business acquisition.
(3) Tax impact is calculated by multiplying the estimated effective tax rate for the period of 23% - 25% before discrete items by the above items with the exception of acquisition-related expenses and the supplier warranty settlement.  Due to the uncertainty of deductibility and the non-recurring nature of the acquisition-related expenses, no tax benefit is assumed and the negative rate impact has been adjusted from the non-GAAP net income calculation. The supplier warranty settlement income is not taxable in the local jurisdiction, therefore no tax impact has been assumed.

Conference Call

The Company will conduct an investor conference call to discuss its unaudited second-quarter 2018 financial results today, July 26, 2018 at 10:00 a.m. ET. The public is invited to listen to the conference call by dialing (877) 407-8293 domestically or (201) 689-8349 for international access. A live webcast of the call will be available in the "Investor Relations" section of www.altramotion.com. Individuals may download charts that will be used during the call at www.altramotion.com under presentations in the Investor Relations section. The charts will be available after earnings are released. A replay of the recorded conference call will be available after the conclusion of the call on July 26 through midnight on August 9, 2018. To listen to the replay, dial (877) 660-6853 domestically or (201) 612-7415 for international access (conference ID # 13681715). A webcast replay also will be available.

Altra Industrial Motion Corp.        
                                                   
Consolidated Statements of Income Data:   Quarter Ended         Year to Date Ended        
In Thousands of Dollars, except per share amounts   June 30, 2018         June 30, 2017         June 30, 2018         June 30, 2017        
    (Unaudited)         (Unaudited)         (Unaudited)         (Unaudited)        
Net sales   $ 237,323         $ 223,357         $ 477,708         $ 438,792        
Cost of sales     159,068           151,231           325,227           300,499        
Gross profit   $ 78,255         $ 72,126         $ 152,481         $ 138,293        
Gross profit as a percent of net sales     33.0 %         32.3 %         31.9 %         31.5 %      
Selling, general & administrative expenses     43,382           41,619           90,512           82,003        
Research and development expenses     6,258           6,160           12,731           12,383        
Restructuring and consolidation costs     566           1,198           1,509           3,096        
Income from operations   $ 28,049         $ 23,149         $ 47,729         $ 40,811        
Income from operations as a percent of net sales     11.8 %         10.4 %         10.0 %         9.3 %      
Loss on settlement of pension plan     -           -           5,086           -        
Interest expense, net     2,065           2,031           3,899           3,736        
Other non-operating income, net     (282 )         (136 )         (428 )         (666 )      
Loss on extinguishment of convertible debt     -           -           -           1,797        
Income before income taxes   $ 26,266         $ 21,254         $ 39,172         $ 35,944        
Provision for income taxes     7,259           5,870           11,164           10,234        
Income tax rate     27.6 %         27.6 %         28.5 %         28.5 %      
Net income     19,007           15,384           28,008           25,710        
                                                   
Weighted Average common shares outstanding                                                  
Basic     28,979           28,978           29,085           28,873        
Diluted     29,089           29,114           29,245           29,042        
                                                   
Net income per share                                                  
Basic   $ 0.66         $ 0.53         $ 0.97         $ 0.89        
Diluted   $ 0.65         $ 0.53         $ 0.96         $ 0.89        
                                                   
Reconciliation of Non-GAAP Income From Operations:                                                  
                                                   
Income from operations   $ 28,049         $ 23,149         $ 47,729         $ 40,811        
                                                   
Restructuring and consolidation costs     566           1,198           1,509           3,096        
Amortization of inventory fair value adjustment     -           -           -           2,347        
Supplier warranty settlement     (1,980 )         -           (1,980 )         -        
Acquisition related expenses     1,833           568           7,241           1,566        
Non-GAAP income from operations *   $ 28,468         $ 24,915         $ 54,499         $ 47,820        
Non-GAAP Income from operations as a percent of net sales*     12.0 %         11.2 %         11.4 %         10.9 %      
                                                   
Reconciliation of Non-GAAP Net Income:                                                  
                                                   
Net income   $ 19,007         $ 15,384         $ 28,008         $ 25,710        
                                                   
Restructuring and consolidation costs     566           1,198           1,509           3,096        
Loss on extinguishment of convertible debt     -           -           -           1,797        
Supplier warranty settlement     (1,980 )         -           (1,980 )         -        
Loss on settlement of pension plan     -           -           5,086           -        
Amortization of inventory fair value adjustment     -           -           -           2,347        
Acquisition related expenses     1,833           568           7,241           1,566        
Tax impact of above adjustments     1,348           (529 )         213           (2,620 )      
Non-GAAP net income *     20,774           16,621           40,077           31,896        
Non-GAAP diluted earnings per share *   $ 0.71     (1 ) $ 0.57     (2 ) $ 1.37     (3 ) $ 1.10     (4 )
                                                   
(1) - Tax impact is calculated by multiplying the estimated effective tax rate for the period of 24.2% by restructuring and consolidation costs.  Acquisition related expenses in the quarter are not tax deductible, therefore the tax impact has been eliminated. The supplier warranty settlement income is not taxable in the local jurisdiction; therefore, no tax impact has been assumed.        
(2) - Tax impact is calculated by multiplying the estimated effective tax rate for the period of 29.9% by the above items.        
(3) - Tax impact is calculated by multiplying the estimated effective tax rate for the period of 24.2% by restructuring and consolidation costs and the loss on settlement of pension plan.  Acquisition related expenses for the year to date period are not tax deductible, therefore the tax impact has been eliminated. The supplier warranty settlement income is not taxable in the local jurisdiction; therefore, no tax impact has been assumed.        
(4) - Tax impact is calculated by multiplying the estimated effective tax rate for the period of 29.8% by the above items.        


Consolidated Balance Sheets                
In Thousands of Dollars   June 30, 2018     December 31, 2017  
    (unaudited)          
Assets:                
Current Assets                
Cash and cash equivalents   $ 38,114     $ 51,994  
Trade receivables, net     146,419       135,499  
Inventories     149,592       145,611  
Income tax receivable     1,832       6,634  
Prepaid expenses and other current assets     21,012       17,344  
Assets held for sale     701       1,081  
Total current assets     357,670       358,163  
Property, plant and equipment, net     189,328       191,918  
Intangible assets, net     151,639       159,613  
Goodwill     203,292       206,040  
Deferred income taxes     1,592       2,608  
Other non-current assets, net     3,031       2,315  
Total assets   $ 906,552     $ 920,657  
                 
Liabilities and stockholders' equity                
Current liabilities                
Accounts payable   $ 62,935     $ 68,014  
Accrued payroll     27,066       32,091  
Accruals and other current liabilities     38,475       32,921  
Income tax payable     9,032       9,082  
Current portion of long-term debt     1,364       384  
Total current liabilities     138,872       142,492  
Long-term debt - less current portion     260,024       275,587  
Deferred income taxes     50,214       52,250  
Pension liabilities     24,390       25,038  
Long term taxes payable     5,418       6,322  
Other long-term liabilities     14,742       22,263  
Total stockholders' equity     412,892       396,705  
Total liabilities, and stockholders' equity   $ 906,552     $ 920,657  
                 
Reconciliation to operating working capital:                
Trade receivables, net     146,419       135,499  
Inventories     149,592       145,611  
Accounts payable     (62,935 )     (68,014 )
Operating working capital *   $ 233,076     $ 213,096  


    Year to Date Ended  
    June 30, 2018     June 30, 2017  
    (Unaudited)     (Unaudited)  
Cash flows from operating activities                
Net income   $ 28,008     $ 25,710  
Adjustments to reconcile net income to net cash flows:                
Depreciation     13,779       12,930  
Amortization of intangible assets     4,900       4,685  
Amortization of deferred financing costs     299       299  
Loss on foreign currency, net     4       132  
Loss on settlement of pension plan     5,086       -  
Loss/(Gain) on disposal / impairment of fixed assets     298       (74 )
Loss on extinguishment of debt     -       1,797  
Stock based compensation     2,680       3,153  
Amortization of inventory fair value adjustment     -       2,347  
Changes in assets and liabilities:                
Trade receivables     (12,971 )     (12,812 )
Inventories     (5,478 )     (1,473 )
Accounts payable and accrued liabilities     2,024       (9,212 )
Other current assets and liabilities     (3,956 )     (1,146 )
Other operating assets and liabilities     (5,564 )     (380 )
Net cash provided by operating activities     29,109       25,956  
Cash flows from investing activities                
Purchase of property, plant and equipment     (14,936 )     (14,416 )
Working capital settlement from prior year acquisitions     -       2,883  
Acquisition of Aluminum Die Casting, S.r.L.     (2,663 )     -  
Net cash used in investing activities     (17,599 )     (11,533 )
Cash flows from financing activities                
Payments on Revolving Credit Facility     (24,449 )     (24,054 )
Dividend payments     (9,972 )     (8,300 )
Borrowing under Revolving Credit Facility     11,000       5,000  
Payments of equipment, working capital notes, mortgages and other debt     (568 )     (505 )
Cash paid to redeem Convertible Notes           (954 )
Shares surrendered for tax withholding     (1,490 )     (386 )
Net cash used in financing activities     (25,479 )     (29,199 )
Effect of exchange rate changes on cash and cash equivalents     89       4,639  
Net change in cash and cash equivalents     (13,880 )     (10,137 )
Cash and cash equivalents at beginning of year     51,994       69,118  
Cash and cash equivalents at end of period   $ 38,114     $ 58,981  
Reconciliation to free cash flow:                
Net cash flows from operating activities     29,109       25,956  
Purchase of property, plant and equipment     (14,936 )     (14,416 )
Free cash flow*   $ 14,173     $ 11,540  


Selected Segment Data   Quarter Ended
June 30
    Year to Date Ended June 30  
In Thousands of Dollars, except per share amount   2018     2017     2018     2017  
Net Sales:                                
Couplings, Clutches & Brakes   $ 122,734     $ 110,969     $ 242,907     $ 217,201  
Electromagnetic Clutches & Brakes     65,136       65,281       134,243       129,159  
Gearing     51,567       49,149       105,452       96,177  
Eliminations     (2,114 )     (2,042 )     (4,894 )     (3,745 )
Total   $ 237,323     $ 223,357     $ 477,708     $ 438,792  
                                 
Income from operations:                                
Couplings, Clutches & Brakes   $ 18,740     $ 12,007     $ 32,160     $ 20,352  
Electromagnetic Clutches & Brakes     8,076       8,163       16,744       15,756  
Gearing     6,399       6,590       12,515       12,115  
Corporate     (4,600 )     (2,413 )     (12,181 )     (4,316 )
Restructuring and consolidation costs     (566 )     (1,198 )     (1,509 )     (3,096 )
Total   $ 28,049     $ 23,149     $ 47,729     $ 40,811  

About Altra Industrial Motion Corp.

Altra Industrial Motion Corp., through its subsidiaries, is a leading global designer, producer and marketer of a wide range of electromechanical power transmission and motion control products. The Company brings together strong brands covering over 40 product lines with production facilities in twelve countries. Altra's leading brands include Ameridrives Couplings, Bauer Gear Motor, Bibby Turboflex, Boston Gear, Delroyd Worm Gear, Formsprag Clutch, Guardian Couplings, Huco, Industrial Clutch, Inertia Dynamics, Kilian Manufacturing, Lamiflex Couplings, Marland Clutch, Matrix, Nuttall Gear, Stieber Clutch, Stromag, Svendborg Brakes, TB Wood's, Twiflex, Warner Electric, Warner Linear, and Wichita Clutch.

The Altra Industrial Motion Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4038.

* Discussion of Non-GAAP Financial Measures

As used in this release and the accompanying slides posted on the Company's website, non-GAAP diluted earnings per share, non-GAAP income from operations and non-GAAP net income are each calculated using either net income or income from operations that excludes acquisition related costs, restructuring costs, and other income or charges that management does not consider to be directly related to the Company's core operating performance. Non-GAAP gross profit is calculated using gross profit that excludes income or charges that management does not consider to be directly related to the Company's core operating performance. Non-GAAP diluted earnings per share is calculated by dividing non-GAAP net income by GAAP weighted average shares outstanding (diluted). Non-GAAP free cash flow is calculated by deducting purchases of property, plant and equipment from net cash flows from operating activities. Non-GAAP operating working capital is calculated by deducting accounts payable from net trade receivables plus inventories.

Altra believes that the presentation of non-GAAP net income, non-GAAP income from operations, non-GAAP gross profit, non-GAAP diluted earnings per share, non-GAAP free cash flow and non-GAAP operating working capital provides important supplemental information to management and investors regarding financial and business trends relating to the Company's financial condition and results of operations.

Additional Information

This communication does not constitute an offer to buy, or a solicitation of an offer to sell, any securities of Fortive Corporation ("Fortive"), Stevens Holding Company, Inc. ("Newco") or Altra Industrial Motion Corp. ("Altra"). In connection with the proposed transaction, Newco filed a registration statement on Form S-4/S-1 containing a prospectus and Altra filed a registration statement on Form S-4 containing a prospectus (together, the "registration statements") and a preliminary proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission (the "SEC"), in each case on May 8, 2018. Each of Altra and Newco have filed, and expect to file, amendments to these filings before they become effective. Investors and security holders are urged to read the registration statements and Altra's preliminary proxy statement and any further amendments to these filings when they become available as well as any other relevant documents to be filed with the SEC when they become available because such documents contain or will contain important information about Altra, Fortive, Newco and the proposed transaction. Altra's preliminary proxy statement, the registration statements and any further amendments to these filings as well as any other relevant documents relating to the proposed transaction can be obtained free of charge from the SEC's website at www.sec.gov. Such documents can also be obtained free of charge from Fortive upon written request to Fortive Corporation, Investor Relations, 6920 Seaway Blvd., Everett, WA 98203, or by calling (425) 446-5000 or upon written request to Altra Industrial Motion Corp., Investor Relations, 300 Granite St., Suite 201, Braintree, MA 02184, or by calling (781) 917-0527.

Forward-Looking Statements

All statements, other than statements of historical fact included in this release are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. Forward-looking statements can generally be identified by phrases such as "believes," "expects," "potential," "continues," "may," "should," "seeks," "predicts," "anticipates," "intends," "projects," "estimates," "plans," "could," "designed," "should be," and other similar expressions that denote expectations of future or conditional events rather than statements of fact. Forward-looking statements also may relate to strategies, plans and objectives for, and potential results of, future operations, financial results, financial condition, business prospects, growth strategy and liquidity, and are based upon financial data, market assumptions and management's current business plans and beliefs or current estimates of future results or trends available only as of the time the statements are made, which may become out of date or incomplete. Forward-looking statements are inherently uncertain, and investors must recognize that events could differ significantly from our expectations. These statements include, but may not be limited to, the statements under "Business Outlook," our expectations regarding our tax rate, our expectations regarding our acquisition of the Fortive A&S businesses, and the Company's guidance for full year 2018.

In addition to the risks and uncertainties noted in this release, there are certain factors that could cause actual results to differ materially from those anticipated by some of the statements made. These include: (1) competitive pressures, (2) changes in economic conditions in the United States and abroad and the cyclical nature of our markets, (3) loss of distributors, (4) the ability to develop new products and respond to customer needs, (5) risks associated with international operations, including currency risks, (6) accuracy of estimated forecasts of OEM customers and the impact of the current global economic environment on our customers, (7) risks associated with a disruption to our supply chain, (8) fluctuations in the costs of raw materials used in our products, (9) product liability claims, (10) work stoppages and other labor issues, (11) changes in employment, environmental, tax and other laws and changes in the enforcement of laws, (12) loss of key management and other personnel, (13) risks associated with compliance with environmental laws, (14) the ability to successfully execute, manage and integrate key acquisitions and mergers, (15) failure to obtain or protect intellectual property rights, (16) risks associated with impairment of goodwill or intangibles assets, (17) failure of operating equipment or information technology infrastructure, (18) risks associated with our debt leverage and operating covenants under our debt instruments, (19) risks associated with restrictions contained in our Credit Facility, (20) risks associated with compliance with tax laws, (21) risks associated with the global recession and volatility and disruption in the global financial markets, (22) risks associated with implementation of our ERP system, (23) risks associated with the Svendborg and Stromag acquisitions and integration and other acquisitions, (24) risks associated with certain minimum purchase agreements we have with suppliers, (25) risks associated with our exposure to variable interest rates and foreign currency exchange rates, (26) risks associated with interest rate swap contracts, (27) risks associated with our exposure to renewable energy markets, (28) risks related to regulations regarding conflict minerals, (29) risks related to restructuring and plant consolidations, (30) risks related to our pending acquisition of Fortive A&S, including (a) the possibility that the conditions to the consummation of the proposed transaction will not be satisfied, (b) failure to obtain, delays in obtaining or adverse conditions related to obtaining stockholder or regulatory approvals, (c) the ability to obtain the anticipated tax treatment of the proposed transaction and related proposed transactions, (d) risks relating to any unforeseen changes to or the effects on liabilities, future capital expenditures, revenue, expenses, synergies, indebtedness, financial condition, losses and future prospects, (e) the possibility that we may be unable to achieve expected synergies and operating efficiencies in connection with the proposed transaction within the expected time-frames or at all and to successfully integrate Fortive A&S, (f) expected or targeted future financial and operating performance and results, (g) operating costs, customer loss and business disruption (including, without limitation, difficulties in maintain relationships with employees, customers, clients or suppliers) being greater than expected following the proposed transaction, (h) failure to consummate or delay in consummating the proposed transaction for other reasons, (i) our ability to retain key executives and employees, (j) slowdowns or downturns in economic conditions generally and in the markets Fortive A&S's businesses participate specifically, (k) slowdowns or downturns in the industrial economy, (l) lower than expected investments and capital expenditures in equipment that utilizes components produced by us or Fortive A&S, (m) lower than expected demand for our or Fortive A&S's repair and replacement businesses, (n) our relationships with strategic partners, (o) the presence of competitors with greater financial resources than us and their strategic response to our products, (p) our ability to offset increased commodity and labor costs with increased prices, (q) our ability to successfully integrate the merged assets and the associated technology and achieve operational efficiencies, and (r) the integration of Fortive A&S being more difficult, time-consuming or costly than expected  and (31) other risks, uncertainties and other factors described in the Company's quarterly reports on Form 10-Q and annual reports on Form 10-K and in the Company's other filings with the SEC or in materials incorporated therein by reference. Except as required by applicable law, Altra Industrial Motion Corp. does not intend to, update or alter its forward looking statements, whether as a result of new information, future events or otherwise. AIMC-E

Participants in the Solicitation

This communication is not a solicitation of a proxy from any security holder of Altra. However, Fortive, Altra and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders of Altra in connection with the proposed transaction under the rules of the SEC. Information about the directors and executive officers of Fortive may be found in its Annual Report on Form 10-K filed with the SEC on February 28, 2018 and its definitive proxy statement relating to its 2018 Annual Meeting filed with the SEC on April 16, 2018. Information about the directors and executive officers of Altra may be found in its Annual Report on Form 10-K filed with the SEC on February 23, 2018, its definitive proxy statement relating to its 2018 Annual Meeting filed with the SEC on March 23, 2018 and its preliminary proxy statement relating to the proposed transaction filed with the SEC on May 8, 2018.

CONTACT:   

Altra Industrial Motion Corp.
Christian Storch, Chief Financial Officer
781-917-0541
Christian.storch@altramotion.com

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