Crosby Group and KITO CORPORATION Combine - Modern Distribution Management

Crosby Group and KITO CORPORATION Combine

The Texas-based lifting and rigging leader has teamed up with the Japanese material handling manufacturer.
On June 21, Amherst, New York-based Allied Motion Technologies, Inc., a manufacturer of precision and specialty controlled motion products, announced its acquisition of Airex, LLC. Airex is an electromagnetic components manufacturer based in Somersworth, New Hampshire. 

Lifting and rigging company The Crosby Group said it will combine its business with the KITO CORPORATION, a Japan-based material handling manufacturer with 90 years of experience in the development and production of hoists and cranes.

The combination will occur through a cash tender offer by The Crosby Group to acquire all the outstanding shares of KITO CORPORATION for JPY 2,725 ($21.35 USD) per share, which represents a premium of 64.3% compared to KITO CORPORATION’s undisturbed closing price on May 13, and a 61% premium to KITO CORPORATION’s three-month simple average closing price.

The tender offer is expected to be completed in the second half of this year, subject to “customary closing conditions including regulatory clearances from relevant authorities,” The Crosby Group said.

Until the deal closes, The Crosby Group and KITO CORPORATION will continue to operate as separate, independent companies, according to the official announcement.

“The combined company will be better resourced, and ultimately better positioned to serve customers, team members, and communities globally through additional investment in products, people, and facilities,” The Crosby Group said in a statement. “The combination will further foster innovation and enable customers to benefit from a broader portfolio of products across a global landscape as well as increased levels of service, support, and training. Additionally, the parties’ geographically complementary operations have the potential to accelerate growth through an expanded and diversified geographic footprint.”

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.