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AIMIA'S TUFROPES SUBSIDIARY TO ACQUIRE CORTLAND INDUSTRIAL FOR $26.6 MILLION
AIMIA'S TUFROPES SUBSIDIARY TO ACQUIRE CORTLAND INDUSTRIAL FOR $26.6 MILLION Canada New...
About this update from Aimia Inc.
[{"type":"text","content":"\n \n \n \n AIMIA'S TUFROPES SUBSIDIARY TO ACQUIRE CORTLAND INDUSTRIAL FOR $26.6 MILLION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnpr2{\nPADDING-RIGHT:0.17em\n}\n.prnpl2{\nPADDING-LEFT:0.17em\n}\n.prnsbbb0{\nBORDER-BOTTOM:black 0pt\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n ACCRETIVE ACQUISITION PROVIDES U.S. FOOTPRINT\n \n \n \n \n COMBINED BUSINESS TO OPERATE UNDER CORTLAND INDUSTRIAL NAME\n \n \n \n \n (All figures in Canadian dollars unless otherwise noted and are subject to change due to currency fluctuations)\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 11, 2023\n \n \n /CNW/ - Aimia Inc. (TSX: AIM), a holding company focused on long-term global investments, has announced today that its Tufropes subsidiary has acquired Cortland Industrial, LLC (\"Cortland\") from Enerpac Tool Group Corp. (\"Enerpac\") for\n \n $26.6\n \n \n (1)\n \n million.\n \n \n Cortland is a leading global designer, manufacturer, and supplier of technology-driven synthetic ropes, slings and tethers to the Aerospace & Defense, Marine, Renewables, and other diversified industrial end markets. Founded in 1979 and operating manufacturing locations in\n \n Anacortes, WA\n \n and\n \n Houston, TX\n \n , Cortland is a widely recognized brand with an industry-leading portfolio of custom-engineered, innovative, high-performance synthetic fiber rope solutions for demanding applications. Cortland reported revenue of\n \n $36.5\n \n \n (1)\n \n million for the most recent trailing twelve-month period ending\n \n May 31, 2023\n \n . The transaction is immediately accretive to earnings and provides a U.S. footprint for Tufropes, as well as numerous sales and operational synergies. The transaction perimeter excludes the Cortland Biomedical business which Enerpac will retain. To date, Cortland has effectivel...