Harrington Hoists Parent Acquires Peerless
By combining with Peerless, the largest manufacturer and distributor of chain and chain products in North America, Kito America strategically expands and strengthens its global footprint.
Posted: July 24, 2014
Kito Americas, Inc. (Manheim, PA) announced that the company has entered into a stock purchase agreement to acquire Peerless Industrial Group (Winona, MN) from Westview Capital Partners II, LP, by purchasing all the shares of Peerless Industrial Group, Inc.
The share transfer of Peerless shall be executed subject to the terms and conditions in the Stock Purchase Agreement. Kito Americas currently operates Harrington Hoists, Inc. (Manheim, PA) and Kito Canada (KCI; Burnaby, BC) businesses in North America and is the largest subsidiary of the Kito Corporation of Japan. Kito is listed on the Tokyo Stock exchange (TSE1) under the stock ticker 6409.
Kito America will, by combining with Peerless, expand its product to better serve its customer segments around the world and strengthen its North American business. The company is currently a market leader in providing powered and manual overhead lifting products. Peerless is the largest manufacturer and distributor of chain and chain products in North America.
The combination of the Peerless, Harrington, and Kito brands will give combined customers access to a much wider variety of products in the markets currently served and also allow faster expansion of the Peerless products throughout Kito’s global network. The final closing of the combination of these companies will occur in late August.
Ned Hunter, the Kito Americas president and chief executive officer of Harrington Hoists, commented, “Peerless’ product portfolio integrates well with our core overhead lifting customers and also allows us to diversify our customer base. We expect to better serve our material handling customers by offering a much broader, high quality product range and also access new markets around the world through our global subsidiary operations and distribution networks. This combination allows us to better serve our rapidly growing customer base and also increases our global manufacturing footprint in order to streamline supply chains and provide seamless, high quality services. We are excited about this opportunity to increase our value to our customers and team members.”
Tom Wynn, the president and chief executive officer of Peerless, commented, “We recognize the dramatic opportunity with this joining of our businesses and feel this is a game changer within the industry. It is anticipated our combined customers and employees will realize significant value with this new partnership. Wynn went on to say that Kito, Harrington and Peerless all share the same core values and philosophy of superior quality and customer service.”
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