Enerpac parent acquires Hydratight
30 April 2008
Actuant Corporation, the parent company of Enerpac, has completed the acquisition of UK-based Hydratight Sweeney for $93 million. The British company manufactures bolting products and offers services to the oil and gas, power generation, industrial, and other end-user markets.
Actuant president and CEO, Robert Arzbaecher said, “Hydratight Sweeney continues Actuant's bolting initiative. Combined with our existing Enerpac and Hedley Purvis organizations, we now have $90 million of bolting related product sales and 500 employees operating in 20 countries worldwide.”
Hydratight Sweeney will merge into the Enerpac business and be included in Actuant's Tools & Supplies segment. Mark Goldstein, executive vice president, said, “We identified the bolting market as a key growth driver for our Enerpac business two years ago and determined that developing a complete product line, including service, was critical to our success. Hydratight Sweeney accomplishes this, adding product, service and scale to our portfolio.