Material handling products manufacturer Columbus McKinnon Corp. (NASDAQ: CMCO), Amherst, NY, has agreed to acquire Magnetek Inc. (NASDAQ: MAG), Menomonee Falls, WI, for $188.9 million.
Magnetek is a manufacturer of digital power and motion control solutions for material handling, elevators and mining applications. Magnetek has 340 employees and trailing twelve month sales as of the end of its fiscal 2015 first quarter of $112.2 million.
"Strategically, this acquisition provides an ideal adjacent capability for us to continue to supply our customers with best in class material handling solutions," said Timothy Tevens, president & CEO of Columbus McKinnon.
