Actuant Acquires HTL Group, Boosts Bolting Product Portfolio
Zacks Investment Research | Jan 15, 2020 09:27PM ET
Actuant Corporation (NYSE:EPAC) announced yesterday that it acquired Cramlington, England-based HTL Group. The financial terms of the transaction were not disclosed.
Notably, Actuant adopted a new business name, Enerpac Tool Group, on Sep 23, 2019. Its stock started trading on the NYSE under the ticker symbol ‘EPAC’ from Oct 7. However, the change of the legal corporate name is subjected to its shareholders’ approvals. The annual meeting of shareholders is anticipated to take place in January 2020.
Inside the Headline
HTL Group specializes in providing various products and equipment services related to bolting and joint integrity activities. Popular products offered by the firm includes hydraulic bolt tensioners and hydraulic torque wrenches. Also, it provides training in engineering construction, mechanical maintenance, safety and health, and others.
In fiscal 2019, HTL Group generated revenues of $17 million.
Actuant believes that the HTL Group buyout will help it expand its offerings of bolting products. The company’s rental offerings across the globe will also get a boost from the buyout.
Actuant’s Inorganic Initiatives
We believe that the above-mentioned transaction is consistent with the company’s policy of strengthening its industrial tool and services portfolio through inorganic moves, including divestments and acquisitions.
In October 2019, Actuant divested its Engineered Components & Systems segment. This helped the company to become a pure-play industrial tool and services provider.
Zacks Rank, Share Price Performance and Estimate Trend
With a market capitalization of $1.5 billion, Actuant currently carries a Zacks Rank #2 (Buy). In the past three months, the company’s share price has increased 10.2% compared with the Zacks Investment Research
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