Power company spins off its Bermuda unit
spinning off its electonics business into a new Bermuda-based company.
Waukesha, Wisconsin-based Applied Power Inc. announced on Friday that it plans to change its name to Actuant Corporation in connection with the recently announced spin-off of Applied Power's Electronics business.
Actuant will remain incorporated in Wisconsin and is expected to trade under the ticker symbol ATU. The new high-growth electronics company, to be called APW Ltd., will be incorporated in Bermuda and is expected to retain the current APW ticker symbol.
Commenting on the change, Dick Sim, CEO of Applied Power said, "This planned name change is being made in connection with the upcoming spin-off of our electronics business. This business, known as APW Electronics, has created significant brand equity with the APW name in the fast-growing electro-mechanical segment of the electronic manufacturing services industry.
"Consequently, we will name the Electronics business APW Ltd. when it is spun off, and plan to retain the APW ticker symbol on the NYSE for APW Ltd. The Industrial business will be identified as Actuant Corporation and we expect it will trade under the ticker symbol ATU on the NYSE after the name change is made.'' Sim, 55, is chairman and chief executive officer of Applied Power Inc. Upon completion of the Electronics spin-off, he will be chairman of the board of Actuant and Chairman of the Board and CEO of APW Ltd. Sim has been with Applied Power since 1985, during which time sales have grown from $100 million to over $1.7 billion in fiscal 1999.
Bob Arzbaecher, 40, will be Chief Executive Officer of Actuant. Previously, he served as chief financial officer of Applied Power Inc.
APW is a leading electronic manufacturing services (EMS) company providing integrated enclosure system solutions to the communications, networking, financial and semiconductor markets. With more than 40 facilities in North America, Europe and Asia, the company is the world's largest, most vertically integrated source for electronic enclosures, the company said.
