Viking SeaTech to be acquired by Actuant Corporation
02nd August 2013
Today (Friday 2nd August 2013) Viking SeaTech announced the signing of a definitive agreement to be acquired by Actuant Corporation (NYSE:ATU) for approximately £150million ($225 million). The purchase is subject to customary regulatory approvals and closing conditions, and is expected to be completed within 45 days.
Headquartered in Menomonee Falls, Wisconsin, Actuant Corporation is a diversified industrial company serving customers from operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic tools and solutions, specialised products and services for energy markets and highly engineered position and motion control systems.
Bill Bayliss, Viking SeaTech Group Chief Executive said: “Last year marked a bold new chapter for our business as we worked hard to deliver an ambitious strategic vision and improve our structure, efficiency and sustainability. We launched new services and products, including a new a global survey department and our manpower business, VS People. We secured new work, welcomed new customers and entered new geographical markets. All contracts with existing customers were renewed and our growing global team attracted new talent.
“But this was clearly just the beginning - we are determined not to stand still or grow complacent. With today’s announcement, Viking SeaTech will continue to evolve as a company. Actuant and Viking SeaTech share the same values and commitment to customers. Like Actuant, Viking SeaTech is driven to lead and motivated by growth. Together, we will continue to develop and deliver innovative services to help our customers’ businesses become faster, safer, better. I am very excited by the opportunity the acquisition by Actuant brings.
“I have no doubts that our new ownership will offer exciting opportunities for our staff and customers in the months and years ahead as we seek to expand our services in the Subsea support arena.”