Enerpac Tool Group Corp. (NYSE: EPAC) shares retreated Wednesday, on word that it has completed its previously announced acquisition of Specialized Fabrication Equipment Group LLC, a global provider of specialized fabrication, welding, portable machining, and material-handling equipment.
The acquisition, which was announced on July 7, strengthens Enerpac’s position as a premier industrial tools, services, technology, and solutions provider. SFE Group operates a portfolio of 12 established brands, including Climax, B&B Sumner, and Axxair.
“We are pleased to welcome the SFE Group team to Enerpac,” said Enerpac Tool Group CEO Paul Sternlieb.
“SFE Group is an exceptional business with premium brands, strong margins, complementary products, and a proven track record of growth. The combination expands our addressable market and strengthens our capabilities in several attractive industrial applications, to create value for our customers, employees, and shareholders.”
“We are excited to join Enerpac Tool Group and begin the next chapter for SFE Group,” said Vinay Varma, SFE President.
“Enerpac’s global reach, technical capabilities, and operational resources provide a strong platform for our continued growth. Together, we are well positioned to deliver even greater value to our customers and partners while continuing to invest in our people, products, and innovation.”
EPAC shares lost 35 cents, or 1%, to $35.01.
