Fire Damages Actuant Manufacturing Plant in the Netherlands

    MILWAUKEE--Feb. 9, 2001--Actuant Corporation announced that a fire broke out in a leased Power-Packer manufacturing facility located in Oldenzaal, the Netherlands, early this morning (local Netherlands time). Fire damaged only one of the three facilities Power-Packer operates from in Oldenzaal. No injuries were reported in the blaze.
    The fire destroyed approximately one-third of the building including portions of Power-Packer's truck cab-tilt and medical actuation production lines. The remaining portion of the building, housing the engineering, selling and administration offices and the production assembly area, suffered smoke and water damage, but are expected to be fully operational by Monday. Preliminary estimates of the loss are in the $4-6 million range, substantially all of which is expected to be covered by insurance. The Company does not believe the fire will have a material impact on the forward-looking financial information it has previously provided.
    Actuant's customers that are served by the Oldenzaal plant have been contacted and informed that production will be resume in the near future. The fire destroyed only portions of the truck and medical production lines, and the non-damaged portions will be operational next week. Power-Packer personnel are currently making arrangements to secure alternative production equipment to ensure a continuous flow of Power-Packer medical and truck cab-tilt systems to its truck customers. Total annual sales from the Oldenzaal facility to the medical and truck markets approximate $40 million.
    Robert C. Arzbaecher, President and Chief Executive Officer of Actuant, commented, "We are grateful that no one was injured in the fire - production equipment and facilities can be replaced, human lives cannot. I am pleased with the quick response from Arthur Kerk, Leader of Engineered Solutions Europe, our Oldenzaal employees as well as local emergency personnel in minimizing the loss. Our number one priority now is to quickly recover from this fire and ensure as little disruption as possible to our medical and truck customers. "

    Actuant, headquartered in Milwaukee, Wisconsin, is a diversified industrial company with sales approximating $500 million and operations in 19 countries. The Actuant businesses are market leaders in highly engineered position and motion control systems and branded hydraulic and electrical tools. Products are offered under such established brand names as Enerpac, Gardner Bender, Mox-Med, Milwaukee Cylinder, Nielsen Sessions, Power-Packer, and Power Gear.

    For further information on Actuant and its business units, visit the Company's website at www.actuant.com.