Actuant sold its Viking SeaTech division to Acteon Group for about $12 million and acquired Acteon’s Mirage Machines Ltd. business for about $16 million.
Actuant acquired Viking for $235 million in 2013, at which time it had about $90 million in annual sales. In fiscal 2017, it has $19 million in net sales and a $12 million operating loss.
During fiscal 2017, Actuant recognized $117 million in impairment and other divestiture charges related to the Viking sale, which included operating lease buyouts of certain rental assets and a non-cash impairment charge for assets held for sale. Another $15 to $20 million in impairment and divestiture charges will be recorded in the second quarter of fiscal 2018.
Actuant provides hydraulic tools and motion control systems. Its energy segment sales were down 18 percent in its fiscal third quarter, driven by the prolonged oil and gas downturn, which pulled the company’s revenue down overall despite gains in the industrial and engineered solutions divisions. The Viking divestiture will allow the company to exit the offshore mooring business and significantly limit its exposure to the upstream, offshore oil and gas market, Actuant said.
Mirage, which distributes industrial and energy maintenance tools, has $12 million in revenue and is expected to complement Actuant’s Hydratight hydraulics business.
“We are pleased to have completed these two meaningful portfolio management actions, which are designed to improve overall shareholder value,” said Randy Baker, president and chief executive officer of Actuant, in a statement. “We welcome Mirage Machines to the Actuant organization and look forward to future success in broadening our tool offerings while providing additional rental and service opportunities to the industrial and energy MRO markets globally.”