MILWAUKEE (AP) -- Industrial products maker Actuant Corp. said Friday that it is buying Weasler Engineering Inc., a maker of transmission parts for agricultural and lawn equipment, for $155 million. The company is looking to take advantage of strong sales growth to farmers that have benefitted from increased grain sales and food prices.
Weasler, based in West Bend, Wis., generated $85 million in revenue in the last 12 months. The company makes drivetrains, or vehicle parts that connect the transmission with axles, for agricultural uses such as grain handling and hay foraging. It also supplies a variety of torque limiters, high-end gearboxes, clutches and other equipment.
Actuant said it plans to fund the acquisition with cash on hand and borrowings under its revolving credit line. The deal is expected to close in June.
Shares of Actuant slipped 32 cents to $24.84 in morning trading.
Weasler, based in West Bend, Wis., generated $85 million in revenue in the last 12 months. The company makes drivetrains, or vehicle parts that connect the transmission with axles, for agricultural uses such as grain handling and hay foraging. It also supplies a variety of torque limiters, high-end gearboxes, clutches and other equipment.
Actuant said it plans to fund the acquisition with cash on hand and borrowings under its revolving credit line. The deal is expected to close in June.
Shares of Actuant slipped 32 cents to $24.84 in morning trading.