Material handling products manufacturer Columbus McKinnon Corp.(NASDAQ: CMCO), Amherst, NY, has agreed to acquire STAHL CraneSystems, a business of Konecranes Plc. Terms were not disclosed.
STAHL, a manufacturer of explosion-protected hoists and crane components, has 650 employees that support its manufacturing operation located in Germany and its nine affiliated sales companies around the world. STAHL had annual sales of €155 million (US$164.7 million)
Konecranes is divesting STAHL as a result of the European Union anti-trust review related to their pending acquisition of Terex Corp.'s material handling & port solutions business.
"We have long viewed STAHL as an ideal complement to Columbus McKinnon EMEA, as well as an excellent expansion of our global product offering," said Timothy T. Tevens, president & CEO of Columbus McKinnon. "Their strong position with wire rope and electric chain hoists in Europe immediately complements our leadership of handheld hoists in that region, and their broad portfolio of ATEX certified explosion-protected products serving the mining, oil & gas and chemical processing industries significantly extends our global offerings in capability and capacities."