Actuant Corporation, a global industrial manufacturer of high force industrial tools and related services and highly engineered position and motion controls systems, has adopted a new business name, Enerpac Tool Group. This new name signifies the company’s continued progression towards 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 fourth quarter of 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,” said Randy Baker, Enerpac Tool Group’s president and chief executive officer. “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.”

Along with the new business name, Enerpac Tool Group is also launching its new corporate website (www.enerpactoolgroup.com). The company anticipates changing its legal corporate name, subject to the approval of its shareholders, following its next annual shareholders meeting to be held in January 2020.