NewswireToday - /newswire/ -
Milwaukee, WI, United States, 2016/03/31 - Actuant Corporation announced that it has acquired the business and assets of the Middle East division (“FourQuest ME”) of privately owned Canadian based FourQuest Energy, Inc., for approximately $60 million - FourQuest.com / Actuant.com.
Based in Dubai, UAE, FourQuest ME maintains a leading position in the provision of pipeline and process services across the Caspian, Middle East and North Africa regions. It provides a full range of services and equipment from engineering, chemical cleaning, hydro, flushing, blowing and leak testing services. Calendar 2015 revenues were approximate $25 million.
“FourQuest ME’s services are highly complementary to our existing Hydratight offering and this acquisition enhances our position as a leader of integrity and maintenance services in the energy space one of Actuant’s four macro growth markets,” said James Gaskell, Global Business Development Leader, Energy Segment, Actuant Corporation.
“The ability to provide a bundled offering of maintenance capabilities will allow us to deliver enhanced value to our customers, along with the ability to globalise FourQuest ME’s service offering throughout Hydratight’s footprint. With an expanded pool of highly trained technicians, we expect this service line will generate meaningful growth over time.”
The purchase price is expected to be funded from existing cash balances.
Actuant Corporation (actuant.com) is a diversified industrial company serving customers from operations in more than 30 countries. The Actuant businesses are leaders in a broad array of niche markets including branded hydraulic tools and solutions, specialised products and services for energy markets and highly engineered position and motion control systems. The company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin. Actuant trades on the NYSE under the symbol ATU.