Columbus McKinnon receives clearance form DOJ for acquisition of Kito Crosby

Columbus McKinnon (CMCO) announced it has received clearance from the Antitrust Division of the U.S. Department of Justice, or DOJ, for its previously announced acquisition of Kito Crosby. In connection with the DOJ’s review of the Acquisition, Columbus McKinnon entered into a consent decree with the DOJ, pursuant to which the Company has agreed to divest its U.S. power chain hoist and chain operations, as previously announced. The Company has now obtained all regulatory approvals relating to the Acquisition, and the Acquisition is expected to close in February subject to customary closing conditions. Upon closing, the Acquisition will scale the business of the combined Company, enhance our ability to serve customers worldwide, deliver improved Adjusted EBITDA margin and increase shareholder value as we deliver $70 million of expected net annual run rate cost synergies.