Crosby and Kito combine businesses
The Kito Corporation, a leading manufacturer of material handling equipment with 90 years of experience in the development and production of hoists and cranes and The Crosby Group, a leading provider of lifting and rigging solutions, and have completed their business combination.
Today’s announcement follows the settlement of The Crosby Group’s cash tender offer for all outstanding shares of Kito Corporation for JPY 2725 per share and the completion of the related squeeze-out process and de-listing of Kito Corporation from the Tokyo Stock Exchange.
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 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.
Under the new entity, Kito Crosby team members will be participants in the employee ownership programme.
Robert Desel, CEO of Kito Crosby, 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. 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 honoured to be leading this organisation and its 4000 team members around the world to bring together two amazing businesses with rich traditions and histories.
“I am very excited to announce that under the combined company we will be extending our expanded employee ownership programme to Kito Crosby team members. We firmly believe that everyone contributes to the success of the company and should benefit from their efforts,” Desel concluded.
Yoshio Kito, chairman of the board of Kito Crosby said, “This combination represents significant value creation for our customers, employees, shareholders, and communities. We are excited to continue growing as a combined business and to develop incremental opportunities for our existing and new customers across the world with expanded product offerings and solutions, while maintaining the same support and commitment they have come to expect.”