Glendale-based Actuant Corp. announced it has completed the purchase of all of the outstanding stock of Actown-Electrocoil Inc. for approximately $24 million in cash.
Funding for the acquisition was provided by borrowings from Actuant's revolving credit facility.
Actown, headquartered in Spring Grove, Ill., generated $36 million of sales in 2005 and has about 300 employees. The company's products include custom transformers, coils, neon transformers and LED lighting systems.
Actown will become part of Actuant's Tools & Supplies Segment.
Mark Goldstein, executive vice president of Actuant, said, "Actown is a great addition to our professional electric product line, which also includes Amveco and Acme Transformer. Actown's focus on the OEM customer base within the magnetics and sign markets is an excellent complement to our existing businesses."
Goldstein said Actown's management team will be retained.
Actuant is a diversified industrial company with operations in more than 30 countries.
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