ACTUANT CORPORATION (NYSE:ATU) Files An 8-K Costs Associated with Exit or Disposal ActivitiesItem 2.05Costs Associated with Exit or Disposal Activities.
On August 16, 2017, Actuant Corporation (“Actuant”) signed a definitive agreement to sell its Viking SeaTech (“Viking”) business to Acteon Group Limited (“Acteon”). The sale price for the Viking transaction is approximately $12 million, payable in cash at the closing of the Viking transaction.
In conjunction with the Viking transaction, Actuant expects to record after tax charges in the range of $110 million to $125 million, consisting of: (i) a cash charge of approximately $28 million from unwinding certain rental fleet operating leases, including those resulting from a mid-2014 sale and leaseback transaction; and (ii) $82 million to $97 million in largely non-cash charges, including the write down of Viking assets to their net realizable value and the recognition in earnings of the cumulative effect of foreign currency rate changes since acquisition. These charges will be incurred during the fourth quarter of 2017 and early in fiscal 2018, upon the closing of the Viking transaction.
A copy of the press release announcing the Viking transaction and the related charges is attached as Exhibit 99.1 to this Form 8-K.
Item 2.06Material Impairments.
The information disclosed above under Item 2.05 is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
|
Exhibit |
|
|
Number |
Description |
|
99.1 |
Press Release of Actuant Corporation dated August 16, 2017. |
ACTUANT CORP ExhibitEX-99.1 2 atu-08172017xexhibit991.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 ACTUANT SIGNS AGREEMENTS TO DIVEST VIKING SEATECH AND ACQUIRE MIRAGE MACHINES,…To view the full exhibit click here
About ACTUANT CORPORATION (NYSE:ATU)
Actuant Corporation designs, manufactures and distributes a range of industrial products and systems to various end markets. The Company operates through three segments: Industrial, Energy and Engineered Solutions. The Company’s Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets. The Company’s Energy segment provides joint integrity products and services, customized offshore vessel mooring solutions, as well as rope and cable solutions to the global oil and gas, power generation and other energy markets. The Company’s Engineered Solutions segment provides engineered position and motion control systems to original equipment manufacturers (OEM) in various on and off-highway vehicle markets, as well as various other products to the industrial and agricultural markets.
