News
The Crosby Group and KITO CORPORATION to Combine, Creating Integrated Lifting Solutions Provider
2022-05-16
RICHARDSON, Texas, United States, and SHOWA-CHO, Yamanashi, Japan, May 16, 2022 – The Crosby Group, a global leader in lifting and rigging, and KITO CORPORATION, a leading material handling manufacturer with 90 years of experience in the development and production of hoists and cranes, today announced that they have entered into a definitive agreement to combine both businesses. The transaction will be effected through a cash tender offer by The Crosby Group to acquire all of the outstanding shares of KITO CORPORATION for JPY 2,725 per share, which represents a premium of 64.3% compared to KITO CORPORATION’s undisturbed closing price on May 13, and a 61.0% 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. Until close, The Crosby Group and KITO CORPORATION will continue to operate as separate, independent companies. KITO CORPORATION today also issued a press release statement of support for the planned transaction.
Past Articles
Introducing Harrington's TCW Series Lube Free and Wash Down Air Powered Hoists
3-1-21 Our model TCW lube free, wash down air hoists are designed for use in humid, outdoor or limited corrosive environments or where equipment must be washed or hosed off regularly.These hoists also operate without air supply lubrication, leaving work areas free of oil mist from air exhaust. Harrington’s TCW hoists feature an unpainted compact & lightweight cast ...
Harrington Hoists, Inc. Introduces SmartLok Self-Locking Hooks
4-1-22 Harrington Hoists, Inc. has launched the SmartLok self-locking hook that offers the extra security needed for applications with stringent safety requirements. The SmartLok hook latch locks securely in place and is only opened when the release lever is depressed. SmartLok hooks are small and compact and they meet the industry standards and regulations of ASME...
The Crosby Group to Commence Cash Tender Offer for All Outstanding Shares of KITO CORPORATION
RICHARDSON, Texas, United States, and SHOWA-CHO, Yamanashi, Japan, September 22, 2022 – The Crosby Group, a leading provider of lifting and rigging solutions, and KITO CORPORATION, a leading manufacturer of material handling equipment with 90 years of experience in the development and production of hoists and cranes, today announced that they have secured all regulatory...
Transaction close and formation of Kito Crosby
RICHARDSON, Texas, United States, and SHOWA-CHO, Yamanashi, Japan, January 30, 2023 – The Crosby Group, a leading provider of lifting and rigging solutions, and KITO CORPORATION, a leading manufacturer of material handling equipment with 90 years of experience in the development and production of hoists and cranes, today announced the completion of their business combin...
KITO Entertainment Group introduces KREWMATE Mini Entertainment Chain Hoists
Manheim, PA – Harrington Hoists, Inc./ KITO Entertainment Group has released their new line of KREWMATE Mini Entertainment Chain Hoists. These hoists are available in both single-phase and three-phase models, in capacities of 500 and 1000 lbs., and are intended for use in theaters, concert halls, arenas and studios. KREWMATE mini hoists are designed with a state-of-the...