Actuant Corporation has 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.
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.Tagged with Actuant