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Actuant Corp. executives will ring the closing bell of the New York Stock Exchange today, marking the fifth anniversary of its creation in a spin off in 2000. The Glendale-based company was created on July 31, 2000, when Applied Power Inc. spun off its electronics business into a new company called APW Ltd. The industrial business segment of Applied Power was renamed Actuant Corp. Despite significant debt and many other obstacles, the company staged a remarkable turnaround. Over the five years, Actuant's stock price has grown from $7.50 (split adjusted) to Tuesday's closing price of $46.95, or an annual compounded rate of 44 percent. The company's equity market capitalization increased from $127 million to more than $1.2 billion, while its employment expanded from 2,400 to more than 5,800. "Actuant's first five years demonstrate a remarkable transformation. At the spin off, our sales were $482 million. Today, our sales run rate exceeds $1 billion. We have evolved from a highly leveraged company to a company with strong cash flow and leadership positions in diverse markets," said Actuant chief executive officer Bob Arzbaecher. "The five-year milestone gives us an opportunity to highlight our successful business model. Actuant grew sales organically and complemented this growth with a number of strategic acquisitions. We used our LEAD (Lean Enterprise Across Disciplines) process to improve margins and reduce working capital. The combination of these created free cash flow, which was used to reduce debt and fund acquisitions." Actuant is a diversified industrial company with operations in more than 25 countries. Actuant businesses manufacture highly engineered position and motion control systems and branded hydraulic and electrical tools and supplies.
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