MILWAUKEE — Enerpac Tool Group Corp. on Tuesday announced 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 the sale to pay down existing debt and support further strategic investments in growth and profitability. As part of the purchase agreement, the company will provide certain transition services to Tufropes for a limited period.
“With this transaction, we are continuing to sharpen Enerpac Tool Group’s pure-play focus," said Enerpac President and CEO Paul Sternlieb. "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, Washington, and Houston.
The business generated $26.2 million of revenue in fiscal year 2022. The transaction will have minimal impact on continuing operations.
Enerpac reaffirmed its 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.
