Actuant to use existing credit facility for Hydratight Sweeney purchase

By Sara Rosenberg

New York, April 14 - Actuant Corp. plans to use borrowings under its existing credit facility to fund the acquisition of Hydratight Sweeney from Dover Diversified Inc. for about $93 million in cash, according to a company news release.

The purchase is subject to customary regulatory approvals and conditions and is expected to close within the next 60 days.

Actuant is a Glendale, Wis.-based diversified industrial company. Hydratight Sweeney is a Birmingham, U.K.-based manufacturer and deliverer of bolting products and services to the oil & gas, power generation, industrial and other end-user markets.

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