Kito Americas Acquires Peerless Industrial

Posted by Eric Haun
Wednesday, July 23, 2014

Kito Americas, Inc. announced today that the company has entered into a stock purchase agreement to acquire Peerless Industrial Group from Westview Capital Partners II, L. P. 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, Inc. currently operates Harrington Hoists, Inc. and Kito Canada (KCI) 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 Americas will, by combining with Peerless, expand its product to better serve its customer segments around the world and strengthen its North American business. Kito Americas 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 our 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, Kito Americas’s President and CEO of Harrington Hoists, Inc., 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, 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.”

Yoshio Kito, President of Kito CORPORATION, commented, “Both Peerless and Kito believe that the quality of products and services is critical to success.  We also both believe that it is important to focus on our customers, and to do that, we need to have the best people in the industry. The combination of Peerless and Kito is perfect; we share a common philosophy.”

harringtonhoists.com
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

‘Choice Alliance’ Formed to Serve BWT Market

A strategic alliance between Choice Ballast Solutions and Drew Marine has been formed to provide vertically integrated capabilities within the ballast water treatment (BWT) market.

Voyager IP Launches Prepaid VSAT and IT Scheme

A new scheme by marine broadband solutions company Voyager IP aims to alter the way customers can keep track of their VSAT and IT support services.   The Irish-based

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

News

‘Choice Alliance’ Formed to Serve BWT Market

A strategic alliance between Choice Ballast Solutions and Drew Marine has been formed to provide vertically integrated capabilities within the ballast water treatment (BWT) market.

Delegation Targets ScanMed Corridor Efficiency

International delegation in Malmö discussed future transport systems for European Ports   Discussions surrounding future transport systems were in focus when Pat Cox,

Seventh Whale Stranded Off Norfolk Coastline

A seventh whale has been reported in shallow water off the coast of Mundesley, Norfolk this morning, February 9.   A member of the Mundesley Coastguard Rescue

Marine Equipment

‘Choice Alliance’ Formed to Serve BWT Market

A strategic alliance between Choice Ballast Solutions and Drew Marine has been formed to provide vertically integrated capabilities within the ballast water treatment (BWT) market.

First Damen Tug for Fratelli Neri

Fratelli Neri S.p.A has taken delivery of a Damen ASD Tug 3212. The new vessel, called Luisa Neri, was handed over from Damen Maaskant Shipyards Stellendam in the Netherlands, on 25 January 2016.

Hempel’s Dynamic Brings Saving for Lemissoler

Global shipmanagement company, Lemissoler Navigation, via its affiliated and managed company Frontmarine Co. Ltd, has achieved significant fuel savings from coating its newbuild 58,

Mergers & Acquisitions

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

R&M Group Merges with Sea Level Marine

R&M Ship Technologies USA, Inc. has merged Sea Level Marine, LLC. in efforts to increase the range of services offered to the company’s global client base. By aligning resources,

Shipping Line Consolidation: What Did the Airlines Do?

The container shipping industry is faced with the challenge of ever-decreasing freight rates that can only be served viably with larger, more efficient vessels.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0980 sec (10 req/sec)