Lifting and rigging company The Crosby Group announced Sept. 22 that it has taken a step in completing its merger with KITO CORPORATION, a Japan-based material-handling manufacturer with 90 years of experience in the development and production of hoists and cranes. Crosby will commence a cash tender on Sept. 26 to acquire all outstanding shares of KITO for 2,725 yen ($19) per share, according to a news release.
Oklahoma-based Crosby announced in May that it would be combining its business with KITO. Since then, both companies have secured all regulatory clearances for the transaction to proceed, according to the release. The transaction is expected to close in the first quarter of 2023.
“The receipt of regulatory clearances and commencement of the cash tender offer are key milestones as we work toward the completion of our business combination with KITO CORPORATION and thus the creation of a global provider of comprehensive lifting solutions,” Crosby CEO Robert Desel said. “Pairing our highly complementary product portfolios gives our global customer base access to a broad range of lifting and material handling solutions from one trusted source.”
“We believe this combination creates excellent value for all stakeholders, and we are excited to build upon a combined business to better serve our customers, team members, and communities,” KITO CEO Yoshio Kito said. “This combination will allow us to grow as a global business and provide our customers with expanded, best-in-class product offerings, with the same dedication and support to which they are accustomed.”