Actuant plans to divest European electrical business

Actuant Corp., Butler, Wis., said it plans to divest its European Electrical business unit, which markets products primarily under the Kopp brand. The unit designs, manufactures and markets electrical sockets, switches and other tools and consumables predominately for the European do-it-yourself (DIY) retail market. It has operations in Germany, Austria and Tunisia, employs approximately 525 people, and reports annual revenues of approximately $105 million. Actuant, whose offerings in the U.S. electrical market include Gardner-Bender tools, Acme Electric transformers and Turner air-break switches, said the Kopp unit has a strong brand and market position, but “future growth can be more fully realized with an owner focused on the European DIY market,” said Chairman and Chief Executive Robert C. Arzbaecher.