Actuant Corp has commenced an underwritten public offering of 9 million shares of its class A common stock for sale to the public.
The Butler-based company intends to use the proceeds from the offering to reduce indebtedness and for general corporate purposes.
The company's stock is traded on the New York Stock Exchange under the ticker symbol ATU.
In connection with the new public offering, Actuant intends to grant the underwriters an option to purchase up to an additional 1.35 million shares to cover over-allotments, if any. J.P. Morgan Securities Inc. and Merrill Lynch & Co. are acting as the joint book-running managers for the offering.
Actuant is a diversified industrial company with operations in more than 30 countries. The Actuant businesses produce branded hydraulic and electrical tools and supplies, umbilical, rope and cable solutions as well as highly engineered position and motion control systems.
Actuant offers more stock shares for sale
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