Actuant Corp., which recently moved into new headquarters in Menomonee Falls, announced the signing of a definitive agreement to acquire West Bend-based Weasler Engineering Inc.
The purchase is subject to customary regulatory approvals and closing conditions, and is expected to close in June 2011. Total consideration for the transaction is approximately $155 million, which will be funded from Actuant’s cash and revolving credit facility. Weasler generated approximately $85 million in revenue in the past 12 months.
Weasler is a leading global designer and manufacturer of highly engineered drivetrain components and systems for agriculture, lawn and turf, and industrial equipment. Approximately sixty percent of Weasler’s revenue is derived from original equipment manufacturers (OEMs) with the balance from aftermarket parts and services, primarily in North America.
Robert Arzbaecher, Actuant’s chief executive officer, said, "Weasler represents a great addition to Actuant’s Engineered Solutions segment. Its leadership position in North America, strong aftermarket presence and solid management team have allowed Weasler to generate above average growth. Given global demographic trends that are driving increasing grain, protein and food requirements, as well as Actuant’s ability to expand Weasler’s presence on a global scale, we expect this strong growth trend to continue."
