December 18, 2008

Actuant Corp., Milwaukee, WI, reported sales of $380 million for the first quarter ended Nov. 30, a decline of 8% over the same period a year ago. Excluding the impact of currency exchange rates and acquisitions, sales declined 11%. Profit dropped 58% to $11.6 million.
 
First quarter Industrial segment sales improved 20% to $164.5 million. Core sales grew 12%, driven by strong global demand for joint integrity maintenance products and services for the oil &gas and power generation markets, as well as for high-force hydraulic tools.
 
Sales in the Electrical segment declined 24% to $102 million. Core sales decreased 22% reflecting weak demand from retail, marine and transformer customers, SKU reduction in the European Electrical product line, and loss of …

Crane Co., Stamford, CT, a diversified manufacturer of highly engineered industrial products, acquired Friedrich Krombach GmbH &Company KG Armaturenwerke and Krombach International GmbH, both of Kreuztal, Germany. Krombach is a manufacturer of specialty valve flow products for the power, oil and gas, and chemical markets, employing 640 people globally.
 
Crane acquired Krombach for $51 million in cash and the assumption of approximately $18 million of net debt. Krombach currently has foundry, machining and assembly facilities in Slovenia and China, in addition to its German operations. Krombach’s 2008 sales are estimated to be $91 million. …