UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.01. Completion of Acquisition or Disposition of Assets.
On April 14, 2022, Altra Industrial Motion Corp., a Delaware corporation (“Altra”, or the “Company”), completed the previously announced sale of all of the issued and outstanding equity interests of the entities which collectively constitute its Jacobs Vehicle Systems (“JVS”) business segment to Cummins Inc., an Indiana corporation, for $325 million in cash subject to customary adjustments.
Item 8.01. Other Events.
On April 14, 2022, Altra issued a press release announcing the completion of the sale of the JVS business. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Description |
99.1 |
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Press release of Altra Industrial Motion Corp., dated as of April 14, 2022 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Forward-Looking Statements
All statements, other than statements of historical fact included in this report are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. Forward looking statements are inherently uncertain, and investors must recognize that events could differ significantly from our expectations.
In addition to the risks and uncertainties noted in this report, there are certain factors that could cause actual events to differ materially from those anticipated by some of the statements made. These include: (1) Altra’s ability to realize the benefits anticipated from the sale of the JVS business, and (2) other risks, uncertainties and other factors described in the Company’s quarterly reports on Form 10-Q and annual reports on Form 10-K and in the Company’s other filings with the U.S. Securities and Exchange Commission (SEC) or in materials incorporated therein by reference. Except as required by applicable law, Altra does not intend to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ALTRA INDUSTRIAL MOTION CORP. |
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Date: April 14, 2022 |
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By: |
/s/ Glenn Deegan |
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Name: Glenn Deegan |
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Title: Chief Legal and Human Resources Officer |
Exhibit 99.1
Altra Completes Divestiture of Jacobs Vehicle Systems Business
BRAINTREE, Mass., April 14, 2022 -- Altra Industrial Motion Corp. (Nasdaq: AIMC) (“Altra” or the “Company”), a leading global manufacturer and supplier of motion control, power transmission and automation products, today announced that it has completed the previously announced divestiture of its Jacobs Vehicle Systems (JVS) business to Cummins Inc. for $325 million in cash.
“We are pleased to announce the completion of this important transaction which will strengthen our balance sheet and capital allocation optionality” said Carl Christenson, Altra’s Chairman and Chief Executive Officer. “The sale of JVS was a key step in our strategy to focus our portfolio on highly engineered products in the motion control and power transmission markets and further establish Altra as a premier industrial company.”
Altra expects to use the proceeds, less transaction fees, to pay down debt and for general corporate purposes.
About Altra Industrial Motion Corp.
Altra Industrial Motion Corp. is a premier industrial global manufacturer and supplier of highly engineered motion control, automation and power transmission systems and components. Altra’s portfolio consists of 27 well-respected brands including Bauer Gear Motor, Boston Gear, Kollmorgen, Portescap, Stromag, Svendborg Brakes, TB Wood’s, Thomson and Warner Electric. Headquartered in Braintree, Massachusetts, Altra has over 9,600 employees and 49 production facilities in 16 countries around the world.
Forward-Looking Statements
All statements, other than statements of historical fact included in this release are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. Forward looking statements are inherently uncertain, and investors must recognize that events could differ significantly from our expectations. These statements include, but may not be limited to, statements regarding management’s expectation regarding the use of the proceeds from the JVS transaction.
In addition to the risks and uncertainties noted in this release, there are certain factors that could cause actual events to differ materially from those anticipated by some of the statements made. These include: (1) Altra’s ability to realize the benefits anticipated from the sale of the JVS business and (2) other risks, uncertainties and other factors described in the Company’s quarterly reports on Form 10-Q and annual reports on Form 10-K and in the Company’s other filings with the U.S. Securities and Exchange Commission (SEC) or in materials incorporated therein by
reference. Except as required by applicable law, Altra does not intend to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
AIMC-G
CONTACT:
Altra Investor Relations
781-917-0600
Email: ir@altramotion.com
Document and Entity Information |
Apr. 14, 2022 |
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Cover [Abstract] | |
Entity Registrant Name | ALTRA INDUSTRIAL MOTION CORP. |
Document Type | 8-K |
Amendment Flag | false |
Entity Central Index Key | 0001374535 |
Document Period End Date | Apr. 14, 2022 |
Entity Emerging Growth Company | false |
Entity File Number | 001-33209 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 61-1478870 |
Entity Address, Address Line One | 300 Granite Street |
Entity Address, Address Line Two | Suite 201 |
Entity Address, City or Town | Braintree |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02184 |
City Area Code | 781 |
Local Phone Number | 917-0600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of each class | Common Stock (par value $0.001) |
Trading Symbol | AIMC |
Name of each exchange on which registered | NASDAQ |
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