Actuant acquires Norwegian company
Butler-based Actuant Corp. has completed its acquisition of Bergen, Norway-based Selantic AS for cash of approximately $17 million, plus potential future performance-related consideration.
Selantic provides high-performance slings, tethers and related products for heavy lifting applications and has annual revenues of approximately $10 million.
Selantic will operate as part of Cortland in Actuant’s Energy Segment.
Brian Kobylinski, executive vice president of energy and industrial segments, said, "Selantic is an excellent fit with our diversified energy portfolio, broadening our product offerings for slings and tethers used primarily in lifting, anchoring and ROV (remotely operated vehicles) applications. Its products are also complementary to our Enerpac Integrated Solutions heaving lifting offerings. Selantic brings strong customer relationships, engineering expertise and customized products which will further strengthen and globalize our existing Cortland business."
Actuant has broken ground on its consolidated new headquarters in Menomonee Falls.