European electrical busness markets under Kopp brand name
Actuant Corporation 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.
"This planned transaction reflects our proactive portfolio management efforts to focus on platforms where we can create the most shareholder value," said Robert C. Arzbaecher, Actuant Chairman and CEO.
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," continued Arzbaecher in a press release. "However, we believe that future growth can be more fully realized with an owner focused on the European DIY market. I want to thank the employees for their many contributions under Actuant ownership. During the divestiture process, the European Electrical business will continue to focus on meeting and exceeding customer requirements for high quality electrical products."
Actuant is a manufacturer of branded hydraulic and electrical tools, highly engineered position and motion control systems, and specialized products and services for energy related industries.