Enerpac Tools Group has completed the sale of Cortland Industrial to Tufropes – a manufacturer of high-performance synthetic fibre ropes and netting solutions.
Enerpac intends to use net proceeds from this sale to pay down existing debt and support further strategic investments. As a part of the purchase agreement, the Enerpac will provide certain transition services to Tufropes for a limited period.
The sale of the Cortland Industrial business includes fixed assets, inventory, intangible assets and long-term leases for two manufacturing facilities located in Anacortes (Washington) and Houston (Texas). The business generated USD26.2 million of revenue in fiscal year 2022.