AMHERST, N.Y.--Columbus McKinnon Corporation (NASDAQ: CMCO), a leading designer, manufacturer and marketer of material handling products, announces the sale of its Gaffey division of Crane Equipment and Service Inc..
Timothy T. Tevens, President and CEO of Columbus McKinnon noted, “Gaffey has been a solid division of our Company for many years, but given the nature of its business as a crane manufacturer and service provider, Ace Industries is a more logical owner of Gaffey. Ace Industries is a well-respected channel partner which is focused on crane production, service and rigging.”
Gaffey is located in Cleveland, TX and primarily serves the South-Central United States. The Gaffey division contributed under $20 million of revenue to Columbus McKinnon in the fiscal year that ended March 31, 2012. The Company does not expect the transaction to have a material effect on its financial results in its fiscal 2013 second quarter, which ends September 30, 2012.
About 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, actuators, cranes 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 web site at http://www.cmworks.com.
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Timothy T. Tevens, President and CEO of Columbus McKinnon noted, “Gaffey has been a solid division of our Company for many years, but given the nature of its business as a crane manufacturer and service provider, Ace Industries is a more logical owner of Gaffey. Ace Industries is a well-respected channel partner which is focused on crane production, service and rigging.”
Gaffey is located in Cleveland, TX and primarily serves the South-Central United States. The Gaffey division contributed under $20 million of revenue to Columbus McKinnon in the fiscal year that ended March 31, 2012. The Company does not expect the transaction to have a material effect on its financial results in its fiscal 2013 second quarter, which ends September 30, 2012.
About 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, actuators, cranes 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 web site at http://www.cmworks.com.
Full Article
SUBSCRIBE TO MFRTech.COM TODAY, CUSTOMIZE YOUR NEWS, RECEIVE BY EMAIL (CLICK HERE)
For a Complete Version of this BUSINESS WIRE Press Release
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