Business |
Actuant Corporation acquires CrossControl
Actuant has completed the acquisition of CrossControl AB for cash of approximately USD 40 million, plus potential future performance related consideration and takes a 100% stake in the company.
Actuant Corporation is a USD 1.6B diversified industrial company with operations in more than 30 countries and headquartered in Menomonee Falls, Wisconsin, US.
CrossControl will operate within the Maxima Technologies business, part of Actuant’s Engineered Solutions segment.
“As a part of Actuant we have the backing and financial strength to develop CrossControl into a truly global provider of advanced vehicle control solutions” comments Peter Lageson, CEO of CrossControl, and continues “We will now be able to accelerate our growth in Europe and US and we will also get more momentum in our business in China and other emerging markets.”
“CrossControl strengthens Maxima Technologies position in the industrial vehicle market, adding advanced HMI and vehicle control solutions to its portfolio and also creating an expanded global footprint for our business” comments John Buck, President Maxima Technologies and continues “With the addition of Cross Control, Maxima will be able to provide a wider range of technical solutions for our customers in every region of the world. We bring a strong base of local support and manufacturing to grow the CrossControl products globally."
