Columbus McKinnon Corp. : Columbus McKinnon Acquires Marketing and Distribution Company Focused on Mining Industry in South Africa
January 09, 2012 at 07:19 am EST
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Columbus McKinnon Acquires Marketing and Distribution
Company Focused on Mining Industry in South Africa
Yale Lifting Solutions (Pty) LTD supplier of CMCO branded
equipment
AMHERST, NY, January 9, 2012 - Columbus McKinnon Corporation
(NASDAQ: CMCO), a leading designer, manufacturer and marketer
of material handling products, announced that it acquired
100% of the shares of privately-held Yale Lifting Solutions
(Pty) LTD located in Magaliesburg, South Africa. With
less than $10 million in annual sales, Yale Lifting Solutions
has been representing Columbus McKinnon's Yale brand of
products to the South African mining industry for over 14
years. Columbus McKinnon had previously owned 20% of
Yale Lifting Solutions. Terms of the acquisition were
not disclosed.
Timothy T. Tevens, President and Chief Executive Officer,
commented, "This acquisition furthers our strategy to
penetrate specific industries where we believe we can
continue to win additional market share. Yale Lifting
Solutions provides an immediate expansion of our sales and
service efforts to the mining industry in a resource rich
country that continues to expand, and we expect that
extensive customer education can provide us a competitive
advantage. Our approach acknowledges that various
geographic markets will require unique approaches to increase
our presence. Strategically, we continue to focus on
expanding our market share around the world as we aspire to
be the world's leader in equipment that lifts, positions
and moves material easily and safely."
Columbus McKinnon
Columbus McKinnon is a leading worldwide designer,
manufacturer and marketer of material handling products,
systems and services, which efficiently and ergonomically
move, lift, position and secure materials. Key products
include hoists, cranes, actuators and lifting and rigging
tools. The Company is focused on commercial and industrial
applications that require the safety and quality provided by
its superior design and engineering know-how.
Comprehensive information on Columbus McKinnon is available
on its website at .
Safe Harbor Statement
This news release contains "forward-looking
statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, but
are not limited to, statements concerning future revenue and
earnings, involve known and unknown risks, uncertainties and
other factors that could cause the actual results of the
Company to differ materially from the results expressed or
implied by such statements, including general economic and
business conditions, conditions affecting the industries
served by the Company and its subsidiaries, conditions
affecting the Company's customers and suppliers,
competitor responses to the Company's products and
services, the overall market acceptance of such products and
services, the effect of operating leverage, the pace of
bookings relative to shipments, the ability to expand into
new markets and geographic regions, the success in acquiring
new business, the speed at which shipments improve, and other
factors disclosed in the Company's periodic reports filed
with the Securities and Exchange Commission. The Company
assumes no obligation to update the forward-looking
information contained in this release.
Gregory P. Rustowicz
Vice President - Finance and Chief Financial
Officer
Columbus McKinnon Corporation
716-689-5442
greg.rustowicz@cmworks.com
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Columbus McKinnon Corporation is a designer, manufacturer and marketer of intelligent motion solutions for material handling. Its products include a variety of electric, air-powered, lever, and hand hoists, hoist trolleys, explosion-protected hoists, winches, and aluminum work stations; alloy and carbon steel chain; forged attachments, such as hooks, shackles, textile slings, clamps, and load binders; mechanical and electromechanical actuators and rotary unions; below-the-hook special purpose lifters; and power and motion control systems, such as alternate current (AC) and direct current (DC) drive systems, radio remote controls, push button pendant stations, brakes, and collision avoidance and power delivery subsystems. Its brands include Budgit, Chester, CM, Coffing, Little Mule, Pfaff, Shaw-Box, STAHL, Yale, Magnetek and Herc-Alloy. Its targeted market verticals include manufacturing, transportation including EV production and aerospace, energy and utilities, and process industries.