Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of motion control products, technologies and services for material handling, today announced that it has completed the divestiture of the remaining two businesses that it had identified as not being core to its growth strategy through its simplification process. The sales, which closed on February 28, 2019, included Crane Equipment and Service, Inc. and Stahlhammer Bommern GmbH. A third entity, the Tire Shredder business, which had also been identified through the simplification process, was sold at the end of 2018.
Mark Morelli, President and CEO of Columbus McKinnon, noted, We are making great progress on Phase II of our Blueprint for Growth strategy, which is focused on driving earnings power through simplification, operational effectiveness and ramping our growth engine. In addition to restructuring our organization to simplify how we do business, we have divested these three operations, which were clearly not a fit with our product offerings and strategy. They will be better served with their new owners.
About Columbus McKinnon
Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of motion control products, technologies, systems and services that efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, actuators, rigging tools, light rail work stations and digital power and motion control systems. 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 at http://www.cmworks.com.
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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 the effectiveness of the Companys 80/20 process to simplify operations, the ability of the Companys operational excellence initiatives to drive profitability, the effects of the Companys efforts to ramp its growth engine, the success of the divestitures under new ownership, global 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, 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
Columbus McKinnon Corporation
Deborah K. Pawlowski
Kei Advisors LLC