Columbus McKinnon Acquires Marketing and Distribution Company Focused on Mining Industry in South Africa.
AMHERST, N.Y. -- 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 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 http://www.cmworks.com.
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.
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|Date:||Jan 10, 2012|
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