Actuant to buy cable-maker Cortland $230 million

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Sept 17 - Diversified industrial manufacturer Actuant Corp (ATU.N) said it agreed to buy New York-based cable-maker Cortland Cos for about $230 million from a group of investors led by private-equity firm Cortec Group.

Cortland, a maker of synthetic ropes and engineered steel cables, derives half its revenue from the global offshore oil and gas market. The deal will help Actuant extend its presence in the market, Chief Executive Robert Arzbaecher said in a statement.

Actuant expects Cortland to generate about $100 million in revenue in 2008.

Actuant, which operates in more than 30 countries, said the deal is expected to close within 30 days.

Wachovia Securities advised Actuant on the deal.

Shares of Actuant closed down 5.4 percent at $25.92 Wednesday on the New York Stock Exchange.

(Reporting by Eric Yep in Bangalore; Editing by Pratish Narayanan)