Milwaukee-based industrial tools maker Enerpac Tool Group announced July 11 that it has completed the sale of its Cortland Industrial business to Tufropes, a global manufacturer of high-performance synthetic fiber ropes and netting solutions that is based in India and has a head office in Toronto, Canada.

Cortland Industrial is a global designer, manufacturer and supplier of technologically advanced ropes, slings and tethers. The sale of the Cortland unit also includes the related assets of the business including fixed assets, inventory, intangible assets and long-term leases for two manufacturing facilities located in Anacortes, Washington and Houston, Texas. The business generated $26.2 million of revenue in fiscal year 2022. Enerpac noted that the transaction will have minimal impact on its continuing operations.

Enerpac said it plans to use the sale’s net proceeds to pay down existing debt and support further strategic investments in growth and profitability. As a part of transaction — for which financial details were not disclosed — the company will provide certain transition services to Tufropes for a limited period.

“With this transaction, we are continuing to sharpen Enerpac Tool Group’s pure-play focus,” Enerpac President and CEO Paul Sternlieb said in a news release. “At the same time, we are pleased to have completed a competitive process for Cortland Industrial that culminated in this value-maximizing transaction and provides a strong new home in Tufropes for our Cortland Industrial team members.”

Founded in 1992, Tufropes makes high-performance synthetic fiber ropes and netting solutions for global aquaculture, maritime, and other various industrial customers. Tufropes is a subsidiary of holding company Aimia Inc.