Actuant to buy Cortland Cos. for $230 million

Industrial Distribution staff -- Industrial Distribution, 9/18/2008 7:04:00 AM

Cortland, N.Y.-based Cortland manufactures and distributes custom-engineered electro-mechanical cables and umbilicals, high performance synthetic ropes and steel cable and assemblies. The company has five locations on three continents and is expected to post sales of about $100 million this year.

Most of the acquired businesses will operate under Actuant’s industrial division, with the Sanlo line of engineered cable applications joining Actuant’s Elliott Manufacturing operation.

The deal, expected to close within 30 days, expands the Milwaukee-based motion control, hydraulic and electrical manufacturer/distributor’s reach into the growing energy market.

“Highly engineered umbilicals and cables provide a critical link between the ocean’s surface and floor, many times in mission-critical situations. With more than half of its revenues derived from the global offshore oil and gas market, Cortland extends our presence in this served market in a meaningful way, complementing Hydratight’s geographic breadth and customer relationships. Cortland’s business has historically grown faster than Actuant’s stated 1.5–2 times GDP growth objective and, given oil and gas industries’ focus on offshore and deep-water drilling on a global basis, we expect this trend to continue,” Actuant CEO Robert Arzbaecher said.