Crosby Group has sealed a deal to combine with Kito Corporation.
Crosby will acquire the outstanding shares of Kito. The tender offer is expected to close in the second half of this year, subject to customary closing conditions including regulatory clearances from relevant authorities. Until then, both businesses will continue to operate as separate companies.
Robert Desel, ceo of the Crosby Group, said: “This is an extraordinary opportunity to bring together two companies with differentiated, industry-leading capabilities, to create exceptional value for all stakeholders: team members, channel partners, end users, and communities. We have long respected Kito Corporation as they exemplify our core values of safety, reliability, and innovation and are thrilled to combine with them to provide best-in-class products, solutions, and services for customers worldwide.”
Japan-based Kito is a specialist manufacturer of hoists, cranes, and other under the hook lifting equipment.