Columbus McKinnon completes planned divestitures
Columbus McKinnon Corporation, a global 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.”