Actuant Corporation on March 16 announced that the company’s financial reporting segments are being modified to reflect changes in the portfolio due to acquisitions as well as business reporting lines. The company will continue to report four operating segments – Industrial, Energy, Electrical and Engineered Solutions.
The company’s former Industrial segment is being divided into two reporting segments, Industrial and Energy, to provide additional transparency to its growing energy related businesses. The new Industrial segment includes Enerpac, Simplex, Milwaukee Cylinder, Precision Sure-Lock and TT Fijnmechanica (TTF). The Energy segment will consist of the Hydratight joint integrity business and the recently acquired Cortland rope and cable business. The Electrical segment is virtually unchanged from the Company’s previous segment reporting except for the addition of the Turner Electric business from the previous Engineered Products segment. Finally, the former Engineered Products and Actuation Systems segments, with the exception of Turner Electric, will be combined into the new Engineered Solutions segment.
In addition, Actuant announced that its reportable product lines will be reorganized into the following: Industrial, Energy, Electrical Tools & Supplies, Power Transformation, Harsh Environment Electrical, Vehicle Systems and Other.
The segment and product line changes are effective for the company’s second fiscal quarter of 2009. For comparative purposes, the company has included as an attachment to this release certain unaudited historical financial results for both the new and prior segment and product line reporting structures. Additional comparative historical financial information will be filed with the SEC and will also be accessible on the company’s Web site at www.actuant.com. The segment reorganization does not impact the company’s consolidated audited balance sheet, statement of earnings or cash flows.
Actuant, headquartered in Butler, Wis., is a diversified industrial company with operations in more than 30 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems, rope and cable solutions and branded hydraulic and electrical tools and supplies. Since its creation through a spin-off in 2000, Actuant has grown its sales from $482 million to $1.66 billion in fiscal 2008. The company employs a workforce of approximately 7,000 worldwide.