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.
Regal Beloit acquires Dutch motor manufacturer
Regal Beloit Corp., Beloit, Wis., has acquired Rotor B.V., headquartered in Eibergen, the Netherlands. Rotor sells standard and special electric motors to a variety of industries, including marine, shipbuilding, and offshore oil and gas. Regal Beloit is a manufacturer of mechanical and electrical motion control and power generation products serving markets throughout the world.
Cree expands, adding jobs
LED lighting juggernaut Cree Inc., Durham, N.C., is expanding its production facilities and adding up to 250 new jobs as part of a plan to manufacture a new line of larger LED lighting wafers that will ultimately increase lighting output and make LED lighting more cost effective, the company said. The new 150-mm LED wafer production facility will be adjacent to Cree's plant in Research Triangle Park. Cree expects to have the first products qualified on this line by June 2011.
HD Supply reports net loss, sales up
“As we enter the second half of this year, we are beginning to see signs of economic and industry stabilization and are cautiously optimistic,” said Joe DeAngelo, CEO, HD Supply, while announcing a net loss of $115 million in the second quarter on $2 billion in sales.