Business Context and Reporting Period
This Form 8-K was filed by Actuant Corporation on September 26, 2008. The report details the completion of a significant asset acquisition on the same date. Note: The input metadata references "ENERPAC TOOL GROUP CORP," but the filing text explicitly identifies the registrant as Actuant Corporation.
Key Financial Metrics
- Total Consideration: $230 million for the acquisition of Cortland Companies.
- Escrow Amount: $15 million held for 12 months as security for post-closing obligations.
- Funding Source: Company cash and revolving credit facility.
- Revenue/Profit/Cash Flow: The filing text does not provide specific revenue, profit, cash flow, margin, or debt figures for the reporting period.
Material Changes
On September 26, 2008, Actuant Corporation completed the acquisition of 100% of the stock of the Cortland Companies from an investor group led by Cortec Group. Cortland is a global designer, manufacturer, and distributor of custom-engineered electro-mechanical cables, umbilicals, high-performance synthetic ropes, and steel cable assemblies.
Outlook, Risks, and Management Commentary
The filing does not contain forward-looking guidance, specific risk factors, or management commentary beyond the factual description of the transaction. The primary contingency noted is the $15 million escrow arrangement to secure post-closing obligations.
Investor Verification Checklist
- Verify the impact of the $230 million acquisition on Actuant's consolidated balance sheet and debt covenants.
- Confirm the specific terms of the $15 million escrow and the conditions for its release.
- Review subsequent filings for the integration plan and financial performance of the newly acquired Cortland segment.
- Clarify the discrepancy between the metadata company name (Enerpac) and the filing registrant (Actuant).