Enerpac Tool Group Announces Definitive Agreement to Sell Cortland Industrial to Tufropes

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.