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 Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

News

China Passes New Pollution Law, Will Cap Coal Consumption

Legislators have approved amendments to China's 15-year-old air pollution law that grant the state new powers to punish offenders and create a legal framework to cap coal consumption,

Marad Celebrates Deployment of Maritime Fuel Cell Project

The U.S. Department of Transportation’s Maritime Administration (MARAD) today celebrated the launch of field trials for the first prototype hydrogen fuel cell

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV,

Marine Equipment

MN 100: ContainerTug B.V.

The Company: ContainerTug B.V. is a specialized Dutch naval design engineering and construction company with a strong focus on developing workboats and the evaluation

Exhaust Gas Scrubber Guide Updated

An updated version of the “Exhaust Gas Cleaning Systems Selection Guide” is now available, the U.S. Maritime Administration (MARAD) announced today.   Developed

NASSCO Invests in Facilities, Equipment and People

General Dynamics NASSCO has invested several hundred million in capital projects as part of its efforts to increase efficiencies via  modular shipbuilding, including:

Mergers & Acquisitions

TASI Acquires SignalFire Telemetry

TASI HOLDINGS INC. announced today it has completed the acquisition of all shares of SignalFire Telemetry, located in Hudson, Massachusetts.  This new acquisition

IRS Opens Office in Abu Dhabi

Indian Register of Shipping (IRClass), a leading Classification Society, today announced it has opened offices in Abu Dhabi. Abu Dhabi is the second office

CFSAI Shifts to New Office in New Mumbai

Container Freight Station Association of India (CFSAI) has set up a full-fledged Secretariat and moved to its new office at “Anchorage Building” in Dronagiri  Node on 26th August 2015.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.4530 sec (2 req/sec)