Actuant Changing Name to Enerpac Tool Group
September 23 2019 - 8:00AM
Business Wire
Launches new corporate website and domain,
enerpactoolgroup.com
Actuant Corporation (NYSE: ATU), a global industrial
manufacturer of high force industrial tools and related services
and highly engineered position and motion controls systems, today
announced the adoption of its new business name, Enerpac Tool Group
(or the “Company”). This new name signifies the Company’s continued
progression toward becoming a premier pure play industrial tools
and services company following the anticipated divestiture of the
principal businesses of its Engineered Components and Systems
(“EC&S”) segment in the calendar fourth quarter of 2019. The
Company will begin trading under a new NYSE ticker symbol, EPAC, on
Monday, October 7, 2019.
“We look forward to our bright future as Enerpac Tool Group.
Changing our name is an exciting and significant step in our
evolution toward becoming a world-class, pure-play industrial tools
and services company with the Enerpac brand at its core. We have a
clear strategy to create shareholder value, driving growth and
delivering best-in-class returns by leveraging our premium Enerpac
brand, broad global reach and strong financial position. We will
continue to be disciplined in our capital allocation while
maintaining a conservative balance sheet, focusing on our organic
growth initiatives and targeted M&A, balanced with capital
returns to shareholders,” said Randy Baker, Enerpac Tool Group’s
President and Chief Executive Officer.
Along with the new business name, the Company is also launching
its new corporate website at www.enerpactoolgroup.com.
The Company anticipates changing its legal corporate name,
subject to the approval of its shareholders, following the
Company's next Annual Shareholders Meeting to be held in January
2020.
About Enerpac Tool Group
Enerpac Tool Group is a premier industrial tools and services
company serving a broad and diverse set of customers in more than
90 countries. The Company’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. Prior to the change in ticker symbol to
EPAC on October 7, 2019, Enerpac Tool Group trades on the NYSE
under the symbol ATU. For further information on Enerpac Tool Group
and its businesses, visit the Company's website at
www.enerpactoolgroup.com.
Safe Harbor Statement
Certain of the above comments represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. Management cautions that
these statements are based on current estimates of future
performance and are highly dependent upon a variety of factors,
which could cause actual results to differ from these comments.
Such risks and factors include uncertainties with respect to the
timing of the proposed disposition of the principal businesses of
the Company’s EC&S segment and uncertainties with respect to
shareholder approval of a change to the Company’s legal corporate
name. See the Company’s Form 10-K for the fiscal year ended August
31, 2018 filed with the Securities and Exchange Commission for
further information regarding other risk factors. The Company
disclaims any obligation to publicly update or revise any
forward-looking statements as a result of new information, future
events or any other reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20190923005028/en/
Barb Bolens VP Corporate Strategy and Investor Relations
262-293-1562 Barb.Bolens@Enerpac.com
Nick Lamplough / Aaron Palash Joele Frank, Wilkinson Brimmer
Katcher 212-355-4449
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