Kwikee Power Products Co., a manufacturer of electrically actuated retractable step systems, trays, leveling and slideout systems for RV industry customers, made a positive contribution to the first fiscal-quarter sales and operating earnings of its new parent, Actuant Corp.
Actuant, primarily an auto industry supplier, acquired Kwikee, with operations in Cottage Grove, Ore., and Elkhart, Ind., for around $30 million on Sept. 3.
Actuant President and CEO Robert Arzbaecher described the purchase of Kwikee as “a logical bolt-on acquisition” to Milwaukee-based Actuant’s Power Gear RV slideout business.
During the first quarter of Actuant’s fiscal year 2004, which ended on Nov. 30, the company’s total sales increased 13% to $166.6 million. But if Kwikee’s sales revenue contribution had been excluded, then Actuant’s sales during the September-through-November period would have grown only 1% above its $147.9 million in revenue a year earlier.
Kwikee and Power Gear are parts of Actuant’s Engineered Solutions segment, and the segment’s first fiscal-quarter sales increased 26% to $70.2 million and its operating earnings climbed 33% to $8.8 million.
Arzbaecher said the integration of Kwikee into the Engineered Solutions segment has gone well and the North American RV market and the electrical retail do-it-yourself markets were Actuant’s best performers during the September-through-Novmember period.
Additionally, Arzbaecher announced that Bill Blackmore was promoted to global leader of the Engineered Solutions segments, which includes the auto, truck and medical markets in addition to the RV market.
Previously, Blackmore headed the Engineered Solutions segment’s business in the Americas.