Actuant Corp. reached an agreement to sell its electrical segment to Sentinel Capital Partners for $258 million in cash.
The deal is set to close within 45 days, Actuant announced.
The company announced its plan to sell the segment, effectively exiting the marine industry, in June. The segment includes Marinco and Mastervolt.
Actuant said at the time that it wanted to refocus on its remaining businesses and better position the company to take advantage of its core competencies, current business model and global growth trends.
Since that announcement, the electrical segment’s results have not been included in Actuant’s continuing operations and the company said the pending transaction has no effect on its sales and earnings guidance for fiscal 2014.