Actuant Acquires Hedley Purvis

    Business Editors

    MILWAUKEE--(BUSINESS WIRE)--Jan. 20, 2005--Actuant Corporation (NYSE:ATU) announced today that it has purchased the shares of Hedley Purvis Holdings Limited for approximately $28 million in cash. Headquartered in Morpeth, United Kingdom, Hedley Purvis designs and manufactures products for the bolting market, including torque wrenches, multipliers, tensioners, and pumps. In addition, it provides rental, manpower, and other services to bolting end users including BP, Mobil, Texaco, Marathon, and BJ Services. Funding for the transaction was provided from Actuant's existing credit facilities.
    Robert Arzbaecher, President and Chief Executive Officer of Actuant, commented, "Hedley Purvis' market position, strong brand, and broad product and service portfolios complement our Enerpac business. We expect the transaction will be accretive to earnings per share during fiscal 2005, making it attractive for Actuant shareholders."
    Hedley Purvis will report into the Enerpac business and be included in Actuant's Tools & Supplies segment. Mark Goldstein, Tools & Supplies President, stated, "Hedley Purvis is our first strategic addition to Enerpac and is a natural fit that provides Enerpac product line extensions and a service platform. Mike Rudd, CEO of Hedley Purvis, and his team have worked hard over the past 25 years to develop a strong brand franchise and position in the marketplace. We believe the combination of Hedley Purvis' bolting product and service network with Enerpac's hydraulics expertise and distribution competencies will offer customers a complete bolting solution provider. I look forward to working with Mike and his management team as we expand our industrial tool portfolio."
    Actuant, headquartered in Milwaukee, Wisconsin, is a diversified industrial company with operations in over 20 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools. Products are offered under such established brand names as Acme Electric, Dresco, B.W. Elliott, Enerpac, Gardner Bender, Gits Manufacturing, Kopp, Kwikee, Marinco, Milwaukee Cylinder, Nielsen Sessions, Power-Packer, Power Gear, Sperry, Turner Electric, and Yvel.
    For further information on Actuant and its business units, visit the Company's website at www.actuant.com.

--30--VS/cg*

CONTACT: Actuant Corporation Andrew Lampereur, 414-352-4160

KEYWORD: WISCONSIN UNITED KINGDOM INTERNATIONAL EUROPE INDUSTRY KEYWORD: AUTOMOTIVE MANUFACTURING MERGERS/ACQ SOURCE: Actuant Corporation

Copyright Business Wire 2005