Woodhead Industries sells Dutch operation
Deerfield, IL—Woodhead Industries Inc. announced Nov. 8 that it has sold its AKAPP Electro Industries B.V. subsidiary to Fandstan Electric Ltd. for approximately $4.9 million.
Deerfield, IL— Woodhead Industries Inc. ecord a gain for the transaction in its fiscal 1Q03.
Acquired by Woodhead in 1993, AKAPP assembles and sells mobile electrification systems for industrial use. Its products include enclosed conductor bar systems, cable reels, and festooning. Sales for AKAPP's most recent fiscal year were approximately $5.7 million.
'Although AKAPP has performed well during the 10 years we have owned it, it doesn't fit our long-term strategy, ' says Philippe Lemaitre, Woodhead's president and ceo. "Woodhead's strategy focuses on significantly expanding our connectivity segment and the core product lines within our electrical segment through a combination of organic growth and acquisitions. We will continue to review the strategic fit of our business units and product lines in order to maximize our future growth and profitability.'
Control Engineering Daily News Desk
Jim Montague, news editor