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Actuant Corp.(NYSE: ATU), Milwaukee, WI, said it has started the process of divesting one of its two business segments in an effort to focus on its industrial tools business.
The maker of hydraulic tools and solutions said it has initiated the process to divest its Engineered Components & Systems (EC&S) segment, which serves off-highway OEMs with highly engineered motion, actuation and control solutions. The move is in line with the company’s recent efforts to focus on its Industrial Tools & Services business, which includes the recent sale of its Precision-Hayes business and its announced intent to sell its Cortland U.S. business.
Actuant’s Industrial Tools & Services segment serves a broad range of end markets through its primary brand, Enerpac, which makes high-force hydraulic tools and equipment for industrial and infrastructure applications.
“Our transformation of Actuant over the last two years has resulted in a more focused, efficient company with a reinvigorated organic growth strategy. As part of these efforts, we completed an operational realignment at the end of fiscal 2018, creating two separate operating segments with independent strategies and footprints. Together with our board of directors and outside advisors, we determined that the prudent next step to best unlock the value of Actuant is to solely focus on our IT&S segment,” Actuant’s President and CEO Randy Baker said in a statement announcing the changes.
The company did not provide a timeline or details on any potential transactions related to its EC&S segment.