On Jan. 30 — more than 250 days after a merger agreement was first announced — Texas-based lifting and rigging company The Crosby Group said it has finally combined its business with the Kito Corporation, a Japan-based material handling manufacturer of hoists and cranes.
The Crosby Group first announced the merger plans in May 2022. Last September, The Crosby Group announced it would acquire all outstanding shares of Kito for 2,725 yen ($19) per share. The combined business will be known as Kito Crosby.
“This combination, under the name Kito Crosby, brings together two industry-leading companies with complementary geographic footprints and product portfolios to better serve customers, team members, and their global communities,” the company said in a statement. “The combined company will invest in its people, products, and facilities to advance innovative solutions for customers, who will benefit from expanded service, support, and training.”
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Kito Crosby team members will be participants in the employee ownership program, the company said.
“I am thrilled to announce we have completed the business combination of The Crosby Group and Kito Corporation to form Kito Crosby, a global provider of comprehensive lifting solutions,” said CEO Robert Desel. “Together, our highly complementary product portfolios and mutual commitments to safety, reliability, and innovation will create exceptional value for our customers and other stakeholders. I am honored to be leading this organization and its 4,000 team members around the world to bring together two amazing businesses with rich traditions and histories.”