Enerpac Tool Group Announces Definitive Agreement to Sell Cortland Industrial to Tufropes
11 Julio 2023 - 2:20PM
Business Wire
Enerpac Tool Group Corp. (NYSE:EPAC) (“Enerpac” or the
“Company”) announced today that it has completed a sale of its
Cortland Industrial, LLC business to Tufropes, a global leader in
the manufacturing of high-performance synthetic fiber ropes and
netting solutions.
Enerpac intends to use net proceeds from this sale to pay down
existing debt and support further strategic investments in growth
and profitability. As a part of the purchase agreement, the Company
will provide certain transition services to Tufropes for a limited
period.
Paul Sternlieb, Enerpac Tool Group Corp. President and CEO,
stated, “With this transaction, we are continuing to sharpen
Enerpac Tool Group’s pure-play focus. At the same time, we are
pleased to have completed a competitive process for Cortland
Industrial that culminated in this value-maximizing transaction and
provides a strong new home in Tufropes for our Cortland Industrial
team members.”
Cortland Industrial is a global designer, manufacturer, and
supplier of technologically advanced ropes, slings, and tethers.
The sale of the Cortland Industrial business also includes the
related assets of the business including fixed assets, inventory,
intangible assets and long-term leases for two manufacturing
facilities located in Anacortes, WA and Houston, TX. The business
generated $26.2 million of revenue in fiscal year 2022. The
transaction will have minimal impact on continuing operations.
Importantly, Enerpac reaffirms its strong commitment to
retaining, investing in, and growing the Cortland Biomedical
business, a full-service biomedical textile product development
company, which continues to deliver strong performance with its
high-growth profile and accretive margins.
About Enerpac Tool Group
Enerpac Tool Group Corp. is a premier industrial tools,
services, technology and solutions provider serving a broad and
diverse set of customers in more than 100 countries. The Company
makes complex, often hazardous jobs possible safely and
efficiently. Enerpac Tool Group’s businesses are global leaders in
high pressure hydraulic tools, controlled force products, and
solutions for precise positioning of heavy loads that help
customers safely and reliably tackle some of the most challenging
jobs around the world. The Company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin. Enerpac Tool Group
common stock trades on the NYSE under the symbol EPAC. For further
information on Enerpac Tool Group and its businesses, visit the
Company's website at www.enerpactoolgroup.com.
About Tufropes
Founded in 1992, Tufropes is a global leader in the
manufacturing of high-performance synthetic fiber ropes and netting
solutions for global aquaculture, maritime, and other various
industrial customers. Tufropes' products are known for their unique
combination of design and performance characteristics (including
resistance to UV radiation and abrasion, high strength vs. weight).
The Company is uniquely positioned to serve the global maritime
sector across a huge range of SKUs (>35,000), a global network
of sales distributors, 60+ sales employees, 70+ countries with
distributors, and at unprecedented scale (manufacturing capacity of
~70,000 MT p.a.). Tufropes is a subsidiary of Aimia Inc. (TSX:
AIM), a holding company focused on long-term global investments.
Find out more at www.tufropes.com and www.aimia.com.
Safe Harbor Statement
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. In addition to statements
with respect to guidance, the terms “may,” “should,” “could,”
“anticipate,” “believe,” “estimate,” “expect,” “objective,” “plan,”
“project” and similar expressions are intended to identify
forward-looking statements. Such forward-looking statements are
subject to inherent risks and uncertainties that may cause actual
results or events to differ materially from those contemplated by
such forward-looking statements. In addition to the assumptions and
other factors referred to specifically in connection with such
statements, risks and uncertainties that may cause actual results
or events to differ materially from those contemplated by such
forward-looking statements include, without limitation, general
economic uncertainty, market conditions in the industrial, oil
& gas, energy, power generation, infrastructure, commercial
construction, truck and automotive industries, the impact of
geopolitical activity, including the invasion of Ukraine by Russia
and international sanctions imposed in response thereto, the
ability of the Company to achieve its plans or objectives related
to its growth strategy, market acceptance of existing and new
products, market acceptance of price increases, successful
integration of acquisitions, the impact of dispositions and
restructurings, the ability of the Company to achieve its plans or
objectives related to the ASCEND program, including any assumptions
underlying its calculation of expected incremental EBITDA or
program investment, operating margin risk due to competitive
pricing and operating efficiencies, supply chain risk, material,
labor, or overhead cost increases, tax law changes, foreign
currency risk, interest rate risk, commodity risk, tariffs,
litigation matters, impairment of goodwill or other intangible
assets, the Company’s ability to access capital markets and other
risks and uncertainties that may be referred to or noted in the
Company’s reports filed with the Securities and Exchange Commission
from time to time, including those described in the Company’s Form
10-K for the fiscal year ended August 31, 2022 and most recent
report on Form 10-Q. Enerpac Tool Group disclaims any obligation to
publicly update or revise any forward-looking statements as a
result of new information, future events or any other reason.
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Travis Williams Director of Investor Relations 262.293.1913
Enerpac Tool (NYSE:EPAC)
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