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Financial woes resulting from the drastic downturn in the technology and telecommunications sector continue to plague Pewaukee-based APW Ltd.
Shortly after the company was spun off from Applied Power Inc. in July 2000, APW's stock was trading at about $50 a share. The stock closed up 20 cents Dec. 18 at $2.39 a share. The stock's 52-week high is $43.38 a share, while the low is $1.55.
Applied Power's electronics business became APW, while its industrial business operates as Actuant Corp. Although Actuant has thrived in a sour economy, APW has hit hard times. APW announced Dec. 14 that it must take steps to remain in compliance with its bank credit agreements.
NONCORE ASSETS
Foremost among the moves is to sell "noncore" assets during its fiscal second quarter, which ends in February 2002, company treasurer Mike Gasick said. The company did not identify those assets, but said...