Actuant to buy Viking SeaTech for $225 million
- August 2, 2013 - 10:25 AM
MILWAUKEE — Industrial products company Actuant Corp. said on Friday that it has signed a deal to buy Viking SeaTech for $225 million.
The deal is expected to close within 45 days, the company said.
Viking is based in Aberdeen, Scotland, and provides equipment and services for the offshore oil and gas industry. It posted revenue of $90 million over the past 12 months, Actuant said. The majority of its revenue comes from design, rental, installation and inspection related to mooring vessels offshore.
Milwaukee-based Actuant said it will pay for the deal with cash and a revolving line of credit. It may also owe money for future performance, Actuant said.
Actuant, founded in 1910, has businesses in a number of niche markets including branded hydraulic tools, specialized products and services for energy markets and position and motion control systems.
Actuant shares fell 12 cents to $36.23 in late morning trading Friday after rising as high as $36.55 earlier in the session, its highest level in five years,
© 2013 Star Tribune