Columbus McKinnon offloads Gaffey unit.
1 August 2012 - US material handling products manufacturer Columbus McKinnon Corporation (NASDAQ:CMCO) said today it had sold the Gaffey division of its wholly-owned overhead crane subsidiary Crane Equipment and Service Inc.
The Cleveland, Texas-based division was bought by local overhead crane and hoist manufacturer and distributor Ace Industries Inc, Columbus McKinnon added without disclosing the purchase price.
The disposal is not expected to have a major impact on Columbus McKinnon's financial performance in its fiscal second quarter to 30 September, the vendor noted.
According to Columbus McKinnon's president and CEO Timothy Tevens, Gaffey will be a better suit to Ace Industries than to its current owner, despite the division's significant contributions to group revenues.
Gaffey, which chiefly operates in the south-central parts of the US, delivered USD20m (EUR16m) to Columbus McKinnon's revenues in the fiscal year ended 31 March 2012.
Columbus McKinnon Corporation is a global producer of hoists, rigging tools, cranes, actuators and other material handling products serving a range of commercial and industrial end-user markets. The company established Crane Equipment & Service in 2002 to consolidate several crane businesses, namely Abell-Howe, Gaffey, WECO (Washington Equipment) and All-Cranes.
Ace Industries, founded in 1932, runs a network of warehouses, service centres and sales offices across the US and has over 300 employees.Country: USASector: Machinery/EngineeringTarget: Crane Equipment and Service Inc's Gaffey divisionBuyer: Ace Industries IncVendor: Columbus McKinnon CorpType: DivestmentStatus: Closed
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|Article Type:||Company overview|
|Date:||Aug 1, 2012|
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