Columbus McKinnon Corporation, Amherst, NY, manufacturer of material handling products, has sold Larco Industrial Services, Ltd., the Canadian subsidiary of the company’s wholly owned subsidiary Crane Equipment & Service, Inc.
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Larco, a manufacturer and servicer of large capacity overhead cranes based in Stoney Creek, Ontario, was sold to Canadian Overhead Handling Inc. of Montreal, Quebec. The net proceeds of the Larco sale will be used for debt reduction and general operating purposes.
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For the latest 12 months, Larco contributed revenue of approximately $10 million and operated near breakeven.
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Columbus McKinnon CEO Timothy T. Tevens said: Given its narrowly focused product line and market, Larco was not an essential strategic fit with our CES business which is focused on growth in the U.S. and other global markets. Larco will be better positioned for growth under its new owners based on their leadership position in Canada as a manufacturer of large specialty cranes.”
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COH will continue to operate the business as Larco Industrial Services, Ltd. with facilities in Stoney Creek and Cambridge, Ontario and plans to retain Larco’s employees. Under its new ownership, Larco will continue to be a distributor of the various Columbus McKinnon brand products in Southern Ontario.
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