Business Context and Reporting Period
This Form 8-K filing by Actuant Corporation (not Enerpac Tool Group Corp) reports a material event occurring on December 13, 2013. The filing details the completion of a strategic divestiture of the company's Electrical Segment.
Key Financial Metrics
- Transaction Value: $258 million purchase price paid in full in cash.
- Payment Terms: Subject to post-closing working capital adjustments and adjustments for cash and indebtedness.
- Accounting Treatment: The Electrical Segment results were previously classified as discontinued operations in the Form 10-K for the year ended August 31, 2013.
- Impact on Earnings: The divestiture does not impact previously reported earnings from continuing operations.
- Financial Statements: The filing includes an Unaudited Pro Forma Balance Sheet as of August 31, 2013 (Exhibit 99.1). Specific revenue, profit, cash flow, margin, debt, or liquidity figures for the current period are not provided in this text.
Material Changes
The primary material change is the exit from the Electrical Segment business line. The segment was sold to Power Products, LLC, an affiliate of Sentinel Capital Partners, L.P. This transaction finalizes the separation of a business unit that had already been reported as discontinued operations in prior filings.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard disclosure of post-closing purchase price adjustments. The transaction is presented as a completed event with no unusual items noted in the text provided.
Investor Verification Checklist
- Verify the final purchase price after post-closing working capital and debt adjustments.
- Review the Unaudited Pro Forma Balance Sheet (Exhibit 99.1) to assess the company's capital structure post-divestiture.
- Confirm the classification of the Electrical Segment as discontinued operations in historical financial statements.
- Note the discrepancy between the request metadata (Enerpac Tool Group) and the filing registrant (Actuant Corporation).