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
Kito Crosby unveils new corporate brand
Kito Crosby unveils new corporate brand
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Press Release - The Crosby Group & Kito Corporation
RICHARDSON, Texas, United States, and SHOWA-CHO, Yamanashi, Japan, September22, 2022 – The Crosby Group, a leading provider of lifting and rigging solutions, and KITOCORPORATION, a leading manufacturer of material handling equipment with 90 years ofexperience in the development and production of hoists and cranes, today announced that theyhave secured all regulatory cle...
Press Release - The Crosby Group & Kito Corporation
The Crosby Group and KITO CORPORATION complete business combination
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When extra security is needed for strict safety requirements, this hook has your back. Kito's new SmartLok self-locking hooks are available as an option for our LB lever hoists and on the CB and CF hand chain hoists.Our SmartLok hooks are smaller and more compact than most self-locking hooks on the market, and the hook latch locks securely in place only to be opened whe...