Actuant Corporation (ATU) Announces Acquisition of Jeyco Pty Ltd
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Actuant Corporation (NYSE: ATU) announced today that it has acquired Jeyco Pty Ltd (“Jeyco”). Headquartered near Perth, Australia, Jeyco designs and provides specialized mooring, rigging and towing systems and services to the offshore oil & gas industry in Australia and other international markets. Additionally, its highly engineered products are used in a variety of applications for other markets including cyclone mooring and marine, defense and mining tow systems. Jeyco generates annual revenues of approximately $20 million.
Jeyco will operate as part of the Cortland business within Actuant’s Energy Segment. Brian Kobylinski, Executive Vice President, Industrial and Energy segments, stated: “Jeyco is a great addition to our global energy platform, adding significant presence to our offshore oil & gas business in the important Australian region. Its customer relationships and highly technical workforce represent excellent complements to our existing Cortland business. Jeyco will serve as the base for Cortland’s full product range which includes engineered ropes and slings, dynamic umbilicals and electro-optic cables in the Southeast Asian region. Jeyco’s management has been successful in growing their business and we look forward to them joining the Actuant team.”
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Jeyco will operate as part of the Cortland business within Actuant’s Energy Segment. Brian Kobylinski, Executive Vice President, Industrial and Energy segments, stated: “Jeyco is a great addition to our global energy platform, adding significant presence to our offshore oil & gas business in the important Australian region. Its customer relationships and highly technical workforce represent excellent complements to our existing Cortland business. Jeyco will serve as the base for Cortland’s full product range which includes engineered ropes and slings, dynamic umbilicals and electro-optic cables in the Southeast Asian region. Jeyco’s management has been successful in growing their business and we look forward to them joining the Actuant team.”
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