April 14 - Actuant Corporation has expanded its Enerpac Integrated Solutions capabilities with the acquisitions of Team Hydrotec and Hydrospex. The combined businesses generate approximately USD30 million in annual revenue.
Based in Singapore, Team Hydrotec provides engineering and integrated solutions systems to the Asian energy, shipbuilding, mining and other industries.
Headquartered in The Netherlands, Hydrospex provides a broad range of heavy lift technologies including strand jacks and gantries for the global infrastructure, power generation and other industrial markets.
The acquisitions will operate as part of Enerpac's Integrated Solutions business within Actuant's Industrial Segment.
Brian Kobylinski, executive vice president Energy and Industrial Segments, stated, "We recently created a global organisation within Enerpac to further our focus on Integrated Solutions - the combining of our world class hydraulic technology with extensive controls and engineering expertise. The products, technologies, engineering and geographic breadth of Team Hydrotec and Hydrospex are complementary to our existing competencies and will further strengthen our market leading heavy lift solutions for the global infrastructure and other markets."
Actuant said that the approximate USD20 million used for the acquisitions was funded from the Company's revolving credit facility.