Actuant, a global diversified industrial company based in Menomonee Falls, has acquired CrossControl AB, an advanced electronic solution provider based in Alfta, Sweden.
The $40 million transaction includes potential future performance consideration.
CrossControl’s advanced electronic solutions are used to improve user-machine interaction, vehicle control and mobile connectivity. The company has annual revenue of about $40 million.
Actuant will integrate CrossControl into its Maxima business, a part of its engineered solutions division. The company acquired Maxima, a leading global supplier of severe-duty electronic instrumentation, in 2007.
“CrossControl is a great addition to our Maxima and Turotest businesses, serving key end markets such as mining, cargo handling, forestry, construction and rail which align with Actuant’s strategic growth themes including infrastructure and natural resources,” said Bill Blackmore, executive vice president of engineered solutions, in a statement.” CrossControl brings long-term customer relationships, technical engineering expertise as well as customized software applications and hardware products for high-end electronic displays. Its ‘smart’ display technologies enhance productivity, uptime, safety and service for equipment operators across the globe.
“While headquartered in Sweden, the majority of CrossControl’s advanced electronics are installed on OEM equipment that is primarily used outside of Europe. CrossControl’s management has done an outstanding job creating a growth platform and we look forward to them joining the Actuant team.”