Superior Plant Services Purchased by Actuant
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5001 Moundview Dr.
Red Wing, MN, 55066
Press release date: April 23, 2008
We are pleased to announce that Actuant Corporation (NYSE:ATU) has completed the purchase of Superior Plant Services L.L.C. in a deal worth $57 million. Actuant Corporation is a $1.5 billion diversified industrial company with operations in more than 30 countries. The Actuant businesses are market leaders in branded hydraulic and electrical tools & supplies as well as highly engineered position motion control systems Superior Plant Services L.L.C. (SPS) will be managed in part with Hydratight, one of the businesses comprising Actuant's Industrial Segment. Hydratight is a leader in the power generation and oil & gas markets selling joint integrity solutions to companies also serviced by SPS such as BP, Chevron, Exxon, DOW, BHP, GE, Siemens and Turner Industries. Hydratight's extensive offering includes DL Ricci field machining, hydraulic torque and tension tools, Morgrip pipe connectors, asset management software, weld testing, line isolation, hot tap and metal disintegration services.
SPS has 5 operating locations in Louisiana, Texas and North Carolina and will retain all current management. Al Shiyou (SPS President) will report to Bob Boychuk, Hydratight Americas Leader. Mr. Boychuk has over 30 years of experience with global industrial businesses and is a member of Hydratight's Leadership Team.
SPS Gulf of Mexico and East Coast presence, customers, leading market position, and service portfolio were among the reasons for Actuant's purchase. In addition, SPS is also owner of Patriot Tools (HQ in Mooresboro, North Carolina) a key supplier of on-site machining tools and manpower for the Southeast Region. SPS adds 125 additional well trained and competent service technicians to the Hydratight workforce with a complimentary business and working philosophy. Hydratight's intent is to leverage Superior's and Patriot's synergies to build upon our global aim to provide customers a full portfolio of joint integrity solutions with focus on and total commitment to Safety, Quality and Value.
Together, SPS and Hydratight are a powerful combination of bolting and machining solutions made up of over 1000 employees with 29 operating locations in 24 countries. Hydratight expects the industry and market reaction to this announcement to be very positive. In the recent past, both Superior and Patriot have been good customers of both Hydratight bolting equipment and DL Ricci machining equipment helping smooth the integration process which is already well under way. The merging of these two Companies creates what is believed to be the only company who Engineers, Manufactures, Sells, Rents and utilizes their product as a service provider in the Americas.
For more information on the companies involved with this acquisition check out these websites;
Actuant: www.actuant.com Hydratight: www.hydratight.com DL Ricci/Hydratight: www.dlricci.com Superior Plant Services: www.superiorplantservices.com Patriot Tools: www.patriotonsite.com