2014

Atkore International Holdings Inc. Announces Third Quarter Fiscal 2012 Financial Results

HARVEY, Ill., Aug. 13, 2012 /PRNewswire/ -- Atkore International Holdings Inc. ("Atkore International" or the "Company"), a global manufacturer of fabricated steel tubes and pipes, pre-wired armored cables, cable management systems and metal framing systems, today reported financial results for the third quarter of fiscal 2012.

(Logo: http://photos.prnewswire.com/prnh/20111004/CG80459LOGO)

"We are generally pleased with the third quarter performance of all our businesses and across all critical metrics despite continued headwinds in steel spreads caused by unfavorable steel price and cost dynamics," said John Williamson, President and Chief Executive Officer. "We feel we are on track with all our improvement initiatives and look forward to more favorable steel price and cost dynamics in future quarters."

Fiscal Year 2012 Third Quarter Financial Highlights1

The Company has presented its financial results for the Predecessor Company and the Successor Company in the financial statements, in accordance with generally accepted accounting principles in the United States of America ("GAAP"), for the periods before and after the Transactions on December 22, 2010.  Despite the separate presentation, there were no material changes to the actual operations of the Company's business as a result of the acquisition of a majority interest in Atkore International by affiliates of CD&R.  As the core operations of the Company have not changed as a result of the Transactions, when evaluating our results of operations for purposes of this discussion, our management treats the nine months ended June 24, 2011 as a single measurement period, rather than the two separate periods that are required to be reported under GAAP. 

FINANCIAL RESULTS

Net Sales

Net sales increased $11 million for the three months ended June 29, 2012, to $428 million from $417 million for the three months ended June 24, 2011. The increase was due principally to higher volume from our Global Pipe, Tube & Conduit ("GPTC") products of $12 million, and higher volume and average selling prices from our Global Cable & Cable Management ("GCCM") products of $20 million and $6 million from acquired businesses.  This increase was partially offset by a reduction of $16 million due to lower pricing from GPTC. Changes in foreign currency exchange rates had an unfavorable impact of $9 million, primarily as a result of the appreciation of the U.S. Dollar versus the Brazilian Real.

For the nine months ended June 29, 2012, net sales were $1,226 million, an increase of $77 million over $1,149 million for the combined results for the nine months ended June 24, 2011. The increase was due to higher volume from GPTC products of $24 million, and higher volume and average selling prices from GCCM products of $61 million and $8 million from acquired businesses.  This increase was partially offset by a reduction in sales of $6 million due to lower pricing from our GPTC products. Changes in foreign currency exchange rates had an unfavorable impact of $10 million, primarily as a result of the appreciation of the U.S. Dollar versus the Brazilian Real.

Operating Income

Operating income decreased by $24 million to $7 million for the three months ended June 29, 2012, compared to $31 million for the three months ended June 24, 2011. The decrease was due primarily to lower gross margins for GPTC products as a result of lower average selling prices and higher average raw material cost, higher selling, general and administrative expense and asset impairment charges partly offset by higher gross margins for our GCCM products.

For the nine months ended June 29, 2012, operating income decreased by $15 million to $30 million, compared to $45 million for the combined results for the nine months ended June 24, 2011. The decrease was due mainly to lower gross margins for our GPTC products, higher selling, general and administrative expenses and asset impairment charges, partly offset by higher gross margins from GCCM products. Also mitigating the decrease in operating income was the absence of transaction-related costs of $16 million that were incurred in the prior period as a result of the Transactions.

Adjusted EBITDA (Non-GAAP): Consolidated Adjusted EBITDA was $32 million and $88 million for the three and nine months ended June 29, 2012, respectively. Consolidated Adjusted EBITDA was $50 million for the three months ended June 24, 2011, and combined Adjusted EBITDA was $116 million for the nine months ended June 24, 2011.

SEGMENT RESULTS

Results of Operations by Segment

Global Pipe, Tube &Conduit

Net Sales

Net sales for the three months ended June 29, 2012, decreased $6 million to $276 million from $282 million for the three months ended June 24, 2011. The decrease was attributable primarily to lower average selling prices partly offset by higher volume. The gradually improving non-residential construction market in North America contributed to higher volumes, up 7% from the three months ended June 24, 2011. Net sales from acquired businesses were $6 million. Changes in foreign currency exchange rates had an unfavorable impact of $8 million, primarily as a result of the appreciation of the U.S. Dollar versus the Brazilian Real.

For the nine months ended June 29, 2012, net sales increased $17 million to $791 million from $774 million for the combined results for the nine months ended June 24, 2011, attributable primarily to lower average selling prices partly offset by higher sales volume. The gradually improving non-residential construction market in North America contributed to higher volumes, up 7% from the combined results for the nine months ended June 24, 2011. Net sales from acquired businesses were $8 million in the nine months ended June 29, 2012, and changes in foreign currency exchange rates had an unfavorable impact of $9 million, primarily as a result of the appreciation of the U.S. Dollar versus the Brazilian Real.

Operating Income

Operating income for the three months ended June 29, 2012, decreased $28 million to $6 million compared to $34 million in the three months ended June 24, 2011. The decrease in operating income was due primarily to lower average selling prices and higher average raw material steel costs for GPTC products and asset impairment charges. Average selling prices were 9% lower and average raw material steel costs were 7% higher during three months ended June 29, 2012, compared to the three months ended June 24, 2011.

For the nine months ended June 29, 2012, operating income decreased $42 million to $23 million compared to $65 million for the combined results for the nine months ended June 24, 2011. The decrease in operating income was due primarily to lower average selling prices and higher average raw material steel costs for GPTC products and asset impairment charges. Average selling prices were 1% lower and average raw material steel costs were 14% higher during the nine months ended June 29, 2012, compared to the combined results for the nine months ended June 24, 2011. Amortization expense increased by $3 million for the nine months ended June 29, 2012, compared to the combined results for the nine months ended June 24, 2011.

Global Cable and Cable Management

Net Sales

Net sales increased $22 million to $163 million for the three months ended June 29, 2012, compared to $141 million for the three months ended June 24, 2011. The increase was attributable to higher volume and selling prices for GCCM products. The gradually improving non-residential construction market in North America contributed to higher sales, up 13% from the three months ended June 24, 2011. Changes in foreign currency exchange rates had an unfavorable impact of $1 million, primarily as a result of the appreciation of the U.S. Dollar versus the Euro.

For the nine months ended June 29, 2012, net sales increased $70 million to $463 million compared to $393 million for the combined results for the nine months ended June 24, 2011. The increase was due to higher sales volume and higher average selling prices for GCCM products. The gradually improving non-residential construction market in North America contributed to higher sales, up 17% from the combined results for the nine months ended June 24, 2011. Changes in foreign currency exchange rates had an unfavorable impact of $1 million, primarily as a result of the appreciation of the U.S. Dollar versus the Euro.

Operating Income

Operating income for the three months ended June 29, 2012, increased $5 million to $17 million compared to $12 million for the three months ended June 24, 2011. The increase in operating income was due primarily to the net impact of higher sales volume and selling prices for GCCM products as well as lower average raw material copper prices.  Raw material copper costs were 10% lower during the three months ended June 29, 2012, compared to the three months ended June 24, 2011. Higher selling expenses, mainly related to higher sales volume, had an unfavorable impact of $1 million.

For the nine months ended June 29, 2012, operating income increased $15 million from $32 million for the combined results for the nine months ended June 24, 2011, to $47 million. The increase in operating income was due primarily to the net impact of higher sales volume and selling prices for GCCM products as well as lower average raw material copper prices.  Raw material copper costs were 6% lower during the nine months ended June 29, 2012, compared to the combined results for the nine months ended June 24, 2011. Higher selling expenses, mainly related to higher sales volume of cable products, had an unfavorable impact of $3 million. Amortization expense increased by $1 million for the nine months ended June 29, 2012, compared to the combined results for the nine months ended June 24, 2011.

Conference Call

Atkore International will host a conference call on August 13, 2012 at 10:00 a.m. Eastern Time. The call may be accessed over the telephone at 1-866-803-2143 using the passcode of "Atkore." An audio replay will be available shortly after the call.

About Atkore International

Atkore International is a global manufacturer of galvanized steel tubes and pipes, electrical conduit, armored wire and cable, metal framing systems and building components, serving a wide range of construction, electrical, fire and security, mechanical and automotive applications. With 3,100 employees and 22 manufacturing and 16 distribution facilities worldwide, Atkore supplies global customers with innovative solutions and quality products. To learn more, please visit www.atkore.com.

Cautionary Notice Regarding Forward-Looking Statements

This news release contains statements about future events and expectations that constitute forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor provisions created by statute.  Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "target," "can," "could," "may," "should," "will," "would," or similar expressions are intended to identify such forward-looking statements. 

Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us.  These statements are not statements of historical fact.  Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and readers are cautioned not to place undue reliance on such statements.  Factors that could cause actual events or results to differ materially from the events or results described in any forward-looking statements include, but are not limited to: the sustained downturn in the non-residential construction industry; fluctuations in the price of raw materials; our reliance on the availability and cost of freight and energy; changes in governmental regulation, including the National Electrical Code or other legislation and regulation; risks relating to doing business internationally; claims for damages for defective products; our ability to generate or raise capital in the future; risk of material environmental, health and safety liabilities and obligations; changes in the source and intensity of competition in business; the level of similar product imports into North America; our reliance on a small number of customers; work stoppages, employee strikes and other production disputes; our significant financial obligations relating to pension plans; unplanned outages at our facilities and other unforeseen disruptions; our ability to protect and enforce our intellectual property rights; our ability to attract and retain qualified employees; the reliability of our information systems; risks inherent in acquisitions and the financing thereof; risks relating to us operating as a stand-alone company; our substantial indebtedness and our ability to incur further indebtedness; limitations on our business under the instruments governing out indebtedness; and the risk that the benefits from the Transactions (as defined herein) may not be fully realized or may take longer to realize than expected.

You should read carefully the factors described under the section titled, "Risk Factors," in the Company's Registration Statement on Form S-4 filed with the SEC, as declared effective on October 19, 2011 and other filings with the SEC.  These and other risks, uncertainties and factors could cause our actual results to differ materially from those projected in any forward-looking statements we make.  These factors may not constitute all factors that could cause actual results to differ materially. We operate in a continually changing business environment. New factors emerge from time to time, and it is not possible to predict all risks that may affect us.  We assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in forward-looking statements, even if new information becomes available in the future.  Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should be viewed as historical data.

Note Concerning Non-GAAP Measurement Tools

We have provided detailed explanations of our non-GAAP financial measures in our Form 8-K filed this morning, which is available on our website.

Supplemental Schedules

Condensed Statements of Operations

A

Condensed Consolidated Balance Sheets

B

Condensed Statements of Cash Flows

C

Segment Information

D

Non-GAAP Financial Measure Reconciliation

E & F

Supplemental Schedule A

ATKORE INTERNATIONAL HOLDINGS INC.

CONDENSED STATEMENTS OF OPERATIONS
(unaudited)

 




Consolidated Successor Company

 

(in millions)

For the Three Months
Ended June 29,
2012

For the Three Months
 Ended June 24,
2011

Net sales

$                428

$                417

Costs and expenses



Cost of sales

366

337

Selling, general and administrative

55

49




Operating income

7

31

Interest expense, net

13

11




(Loss) income before income taxes

(6)

20

Income tax (benefit) expense

(6)

6




Income from continuing operations

14

Loss from discontinued operations and disposal, net of income tax expense of $2 and $0, respectively

(3)

(1)




Net (loss) income

$                  (3)

$                  13

 

 






Consolidated
Successor
Company

Combined
Predecessor
Company

(in millions)

For the Nine Months Ended
June 29, 2012

For the Period from December 23, 2010 to
June 24, 2011

For the Period from September 25, 2010 to
December 22, 2010

Net sales

$             1,226

$                809

$                340

Costs and expenses




Cost of sales

1,046

665

290

Selling, general and administrative

150

94

39

Transaction-related costs

16





Operating income

30

34

11

Interest expense, net

37

24

11





(Loss) income before income taxes

(7)

10

Income tax (benefit) expense

(6)

8

1





(Loss) income from continuing operations

(1)

2

(1)

Loss from discontinued operations and disposal, net of income tax expense (benefit) of $0, $0, and ($1), respectively

(6)

(2)





Net (loss) income

$                  (7)

$                    2

$                  (3)





 

 

Supplemental Schedule B

ATKORE INTERNATIONAL HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)

 




(in millions, except per share data)

June 29, 2012

September 30, 2011

Assets



Current Assets:



Cash and cash equivalents

$                  34

$                   48

Accounts receivable, less allowance for doubtful accounts of $2 and $2, respectively

231

221

Receivables due from Tyco International Ltd. and its affiliates

12

4

Inventories, net

263

258

Assets held for sale

21

6

Prepaid expenses and other current assets

43

34

Deferred income taxes

14

16




Total current assets

618

587




Property, plant and equipment, net

287

308

Intangible assets, net

270

264

Goodwill

137

130

Deferred income taxes

2

2

Receivables due from Tyco International Ltd. and its affiliates

14

14

Other assets

26

36




Total assets of continuing operations

1,354

1,341

Total assets of discontinued operations

58




Total Assets

$            1,354

$             1,399




Liabilities and Equity



Current Liabilities:



Short-term debt and current maturities of long-term debt

$                  31

$                   47

Accounts payable

118

123

Income tax payable

3

4

Accrued and other current liabilities

90

79




Total current liabilities

242

253




Long-term debt

410

411

Deferred income taxes

90

101

Income tax payable

12

13

Pension liabilities

33

35

Other long-term liabilities

9

13




Total liabilities of continuing operations

796

826

Total liabilities of discontinued operations

3




Total Liabilities

796

829




Shareholder's Equity:



Common shares, $.01 par value, 1,000 shares authorized, 100 shares issued
and outstanding

Additional paid in capital

604

604

Accumulated deficit

(24)

(17)

Accumulated other comprehensive loss

(22)

(17)




Total Shareholder's Equity

558

570




Total Liabilities and Shareholder's Equity

$            1,354

$             1,399




 

Supplemental Schedule C

ATKORE INTERNATIONAL HOLDINGS INC.

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

 





Consolidated
Successor
Company

Combined
Predecessor
Company

(in millions)

For the Nine Months Ended June 29, 2012

For the Period from
December 23, 2010 to
June 24, 2011

For the Period from
September 25, 2010 to
December 22, 2010

Operating activities




Net (loss) income

$                               (7)

$                                  2

$                                (3)

Adjustments to reconcile net loss to net cash provided by (used for) operating activities:




Loss from discontinued operations and disposal

6

2

Asset impairments

9

Depreciation and amortization

38

24

6

Amortization of debt issuance costs

5

3

Deferred income taxes

(8)

(10)

(6)

Provision for losses on accounts receivable and inventory

4

3

3

Other items

1

1

2

Changes in operating assets and liabilities, net of effects from acquisitions:




Accounts receivable

(15)

(26)

(16)

Receivables due from Tyco International Ltd. and its affiliates

(8)

Prepaid expenses and other current assets

(8)

(3)

(2)

Inventories

(5)

(13)

(16)

Accounts payable

(5)

(5)

(34)

Income taxes payable

(2)

9

2

Accrued and other liabilities

9

25

(8)

Other

(3)

(2)





Net cash provided by (used for) continuing operating activities

11

8

(70)

Net cash provided by (used for) discontinued operating activities

10

(6)

3





Net cash provided by (used for) operating activities

21

2

(67)





Investing activities




Capital expenditures

(17)

(26)

(12)

Change in due to Tyco International Ltd. and its affiliates

357

Purchase price adjustments

(12)

Acquisitions of businesses, net of cash acquired

(40)





Net cash (used for) provided by continuing investing activities

(57)

(38)

345

Net cash provided by (used for) discontinued investing activities

40

(1)





Net cash (used for) provided by investing activities

(17)

(39)

345





Financing activities




Repayments of long-term debt due to Tyco International Ltd. and its affiliates, net

(400)

(300)

Proceeds from issuance of senior secured notes

410

(Repayments) borrowings under Credit Facility, net

(19)

85

Payment of debt issuance costs

(37)

Proceeds from (repayments of) short-term debt

3

(4)

4

Repayments of long-term debt

(1)

Proceed from sale of common stock

3

Change in parent company investment

(1)





Net cash (used for) provided by continuing financing activities

(17)

57

(297)

Net cash provided by discontinued financing activities





Net cash (used for) provided by provided by financing activities

(17)

57

(297)

Effects of foreign exchange rate changes on cash and cash equivalents

(1)

1





(Decrease) increase in cash and cash equivalents

(14)

21

(19)

Cash and cash equivalents at beginning of period

48

14

33





Cash and cash equivalents at end of period

$                                 34

$                                 35

$                                 14





Supplementary Cash Flow information




Interest paid

$                                 23

$                                   1

$                                 11

Income taxes paid, net of refunds

3

8

1

Purchase price adjustment, not yet paid

1

Change in assets held for sale

16


 

 

Supplemental Schedule D

ATKORE INTERNTATIONAL HOLDINGS INC.

SEGMENT INFORMATION

(In millions)

 




Consolidated Successor Company


For the Three
Months Ended
June 29, 2012

For the Three
Months Ended
June 24, 2011

Net sales:



Global Pipe, Tube & Conduit

$                        276

$                            282

Global Cable & Cable Management

163

141

Elimination of intersegment revenues

(11)

(6)





$                        428

$                            417




Operating income (loss) :



Global Pipe, Tube & Conduit

$                            6

$                              34

Global Cable & Cable Management

17

12

Corporate and Other

(16)

(15)





$                            7

$                              31




 


Consolidated
 Successor Company

Combined Predecessor Company


For the Nine
Months Ended
June 29, 2012

For the Period from
December 23, 2010 to
June 24, 2011

For the Period from
September 25, 2010 to
December 22, 2010

Net sales:




Global Pipe, Tube & Conduit

$                        791

$                            547

$                         227

Global Cable & Cable Management

463

274

119

Elimination of intersegment revenues

(28)

(12)

(6)






$                    1,226

$                            809

$                         340





Operating income (loss):




Global Pipe, Tube & Conduit

$                          23

$                              57

$                              8

Global Cable & Cable Management

47

23

9

Corporate and Other

(40)

(46)

(6)






$                          30

$                              34

$                           11





 

 





Consolidated Successor Company


For the Three Months Ended
June 29, 2012

For the Three Months Ended
June 24, 2011

Net sales:



U.S

$                                          354

$                                          338

Other Americas

48

55

Europe

11

14

Asia-Pacific

15

10





$                                          428

$                                          417




 

 


Consolidated Successor Company

Combined Predecessor Company


For the Nine Months
 Ended
June 29, 2012

For the Period from
December 23, 2010 to
June 24, 2011

For the Period from
September 25, 2010
to December 22, 2010

Net sales:




U.S

$                                      1,017

$                              655

$                               270

Other Americas

137

107

49

Europe

34

28

12

Asia-Pacific

38

19

9






$                                      1,226

$                              809

$                               340






Supplemental Schedule E

ATKORE INTERNTIONAL HOLDINGS INC.

NON-GAAP FINANCIAL MEASURE RECONCILIATION

(Unaudited)

 




Consolidated Successor Company

(in millions)

For the Three Months Ended December 30, 2011

For the Three Months Ended March 30, 2012


For the Three Months Ended June 29, 2012

For the Nine Months
 Ended June 29, 2012

Net (loss) income

$                (8)

$                    4

$                 (3)

$                 (7)

Loss (gain) from discontinued operations

2

1

3

Tax impact on discontinued operations

(1)

2

1

Net income (loss) from continuing operations

(8)

5

(3)






Add:





Depreciation and amortization

13

13

13

39

Interest expense

12

12

13

37

(Benefit) expense for income tax

(4)

3

(6)

(7)

EBITDA

13

33

20

66






Add:





Restructuring (1)

(2)

(2)

Unusual product liability (3)

1

1

Non-cash pension expense (4)

1

1

2

Management fee

2

1

2

5

Asset impairment (6)

9

9

Other non-cash items (7)

1

4

2

7

Adjusted EBITDA

$                  18

$                  38

$                  32

$                  88

Adjusted EBITDA Margin

5%

9%

7%

7%

 

 




Combined
Predecessor Company




Consolidated Successor Company

Consolidated Successor  Company
and Combined Predecessor Company

(in millions)


Period from September 25, 2010 to December 22, 2010


Period from December 23, 2010 to December 24, 2010


For the Three Months Ended March 25, 2011


For the Three Months Ended June 24, 2011


Combined Results for the Nine Months Ended June 24, 2011

Net loss

$                 (3)

$               (15)

$               (11)

$                  13

$               (16)







Add:






Depreciation and amortization

7

12

13

32

Interest expense

11

12

12

35

Expense for income tax

2

6

8

EBITDA

15

(15)

15

44

59







Add:






Restructuring (1)

(1)

1

Non-cash share based compensation (2)

1

1

2

Unusual product liability (3)

Non-cash pension expense (4)

1

1

Management fee

1

2

3

Other non-cash items (7)

2

15

31

3

51

Adjusted EBITDA

$                  18

$                  —

$                  48

$                  50

$                116

Adjusted EBITDA Margin

5%

—%

12%

12%

10%

 

 

 


Consolidated Successor Company

(in millions)

For the Three Months Ended September 30, 2011


For the Three Months Ended December 30, 2011

For the Three Months Ended March 30, 2012

For the Three Months Ended
 June 29, 2012

For the Twelve Months Ended June 29, 2012

Net income (loss)

$               (19)

$                 (8)

$                    4

$                 (3)

$               (26)

Loss (gain) from discontinued operations

2

1

3

Tax impact on discontinued operations

(1)

2

1

Net income (loss) from continuing operations

(19)

(8)

5

(22)







Add:






Depreciation and amortization

11

13

13

13

50

Interest expense

13

12

12

13

50

Expense (benefit) for income tax

(7)

(4)

3

(6)

(14)

EBITDA

(2)

13

33

20

64







Add:






Restructuring (1)

1

(2)

(1)

Unusual product liability (3)

1

1

2

Non-cash pension expense (4)

2

1

1

4

Full year restructuring cost savings (5)

1

1

Management fee

2

2

1

2

7

Asset impairment (6)

1

9

10

Other non-cash items (7)

2

4

2

8

Adjusted EBITDA

$                    7

$                  18

$                  38

$                  32

$                  95

Adjusted EBITDA Margin

2%

5%

9%

7%

6%







(1) Represents facility exit costs and employee severance and benefit costs.

(2) Represents the add-back of non-cash compensation expense for restricted share awards and share options.

(3) Represents the add-back of product liability expense associated with a discontinued type of sprinkler pipe.

(4) Represents the add-back of pension expense.

(5) Represents the estimated annual benefit associated with initiatives undertaken, as if those initiatives had been fully implemented at the beginning of the period, less amounts achieved. The actual annual benefit associated with these initiatives may differ from our estimates and we may not achieve the full benefit from these initiatives in future periods.

(6) Represents asset impairment charges related to an Enterprise Resource Planning system and intangible assets and goodwill associated with a manufacturing facility classified as held for sale.

(7) Other represents the net impact of other non-cash items, including impairment of held for sale assets, transaction-related costs, non-recurring consulting fees, one-time executive severance expense, and a gain on the sale of fixed assets.


Supplemental Schedule F

ATKORE INTERNTIONAL HOLDINGS INC.

NON-GAAP FINANCIAL MEASURE RECONCILIATION

(Unaudited)

 



Consolidated Total Leverage Ratio as of June 29, 2012 is as follows:

 

(in millions)

June 29, 2012

Senior secured notes due January 1, 2018

$          410

Asset-based credit facility

27

Other

4

Total debt

441

Less cash on-hand (limited to $35 million) (1)

(34)

Total Indebtedness (A)

$          407

Total Consolidated EBITDA (B) (2)

95

Total Leverage Ratio (A)/(B)

4.3



(1) As of June 29, 2012, cash and cash equivalents was $34 million.

(2) Total consolidated EBITDA for the last 12 months.

 

1 On December 22, 2010, Tyco International Ltd. ("Tyco") completed the sale of a majority interest in its Electrical and Metal Products business ("Predecessor Company") to an affiliate of the private equity firm Clayton Dubilier & Rice, LLC ("CD&R"). The sale was effected pursuant to an investment agreement dated as of November 9, 2010 by and among CD&R Allied Holdings, L.P., Tyco, Tyco International Holding S.a.r.l., and Atkore International Group Inc. ("Atkore Group"). Atkore Group owns 100% of Atkore International.  The aforementioned transactions are referred to herein as the "Transactions."  Subsequent to the Transactions, the Company has operated as an independent, stand-alone entity (the "Successor Company"). 

SOURCE Atkore International Holdings Inc.



RELATED LINKS
http://atkore.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.