July 18, 2019 / 12:12 PM / a month ago

CORRECTED-(OFFICIAL)-BRIEF-Actuant To Sell EC&S To One Rock Capital Partners For $214.5 Million (July 9)

(Corrects 12th bullet to say co “sees FY adjusted EPS of between $0.69 to $0.73”, not “between $0.71 and $0.75”)

July 9 (Reuters) - Actuant Corp:

* ACTUANT TAKES NEXT STEPS IN TRANSFORMATION INTO A LEADING GLOBAL INDUSTRIAL TOOLS AND SERVICES COMPANY

* CONTINUES TO EXECUTE STRATEGIC PLAN TO BECOME PREMIER PURE PLAY INDUSTRIAL TOOLS & SERVICES COMPANY

* CONTINUES TO EXECUTE STRATEGIC PLAN TO BECOME PREMIER PURE PLAY INDUSTRIAL TOOLS & SERVICES COMPANY

* ENTERS INTO AGREEMENT TO SELL EC&S TO ONE ROCK CAPITAL PARTNERS

* ENTERS INTO AGREEMENT TO SELL EC&S TO ONE ROCK CAPITAL PARTNERS

* PROPOSED DEAL FOR $214.5 MILLION

* DISCONTINUED OPERATIONS AND UPDATED Q4 2019 OUTLOOK FOR CONTINUING OPERATIONS

* COMPANY IS MAINTAINING ITS OUTLOOK PROVIDED ON JUNE 26, 2019

* WILL BEGIN REPORTING RESULTS OF EC&S SEGMENT (OTHER THAN CORTLAND U.S. BUSINESS) AS DISCONTINUED OPERATIONS BEGINNING WITH FISCAL Q4 2019

* SEES FY SALES: $664 TO $669 MILLION, WITH ANNUAL CORE SALES GROWTH BETWEEN 4% AND 8%

* SEES Q4 SALES $167 MILLION TO $173 MILLION

* SEES FY ADJUSTED EPS OF BETWEEN $0.69 to $0.73 (NOT $0.71 AND $0.75)

* SEES FY ADJUSTED EBITDA OF $99 TO $102 MILLION

* COMPANY ENTERED INTO A SECURITIES PURCHASE AGREEMENT WITH AN AFFILIATE OF ONE ROCK CAPITAL PARTNERS, LLC

* AFFILIATE OF ONE ROCK WILL ACQUIRE ENGINEERED COMPONENTS & SYSTEMS SEGMENT

* ANTICIPATES RECORDING A NON-CASH IMPAIRMENT & DIVESTITURE CHARGE OF APPROXIMATELY $300 MILLION IN Q4 OF FISCAL 2019 Source text for Eikon: Further company coverage:

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