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Actuant Corp. (NYSE: ATU), Milwaukee, Wisconsin, has announced plans to sell its Engineered Components & Systems segment, including Power-Packer, Elliott Manufacturing, Weasler Engineering, CrossControl, Maximatecc and Gits Manufacturing, to an affiliate of One Rock Capital Partners for $214.5 million, excluding Actuant’s Cortland U.S. business.
One Rock is a private equity firm located in New York and Los Angeles that makes controlling investments in companies with potential for growth and operational improvement.
“The agreement to sell the EC&S business represents an important milestone toward our objective of becoming a premier pure play industrial tools and services company,” said Randy Baker, president and CEO of Actuant.
Actuant plans to focus on its Enerpac Industrial Tools & Services business and implement its strategy to be a global leader in industrial tools and services.