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

People & Company News

RoRo Ship Enters Operation for WWL

Wallenius Wilhelmsen Logistics welcomes into operation the M/V Thermopylae, the first of its new generation of Post Panamax HERO (High Efficiency RoRo) PCTC vessels.

Containership Becomes Largest to Sail the Thames

The Munkebo Maersk became the largest ship to ever sail up the River Thames as it called at DP World London Gateway, the U.K.’s newest deep-sea port hub. The 399-meter-long,

Rolls-Royce to Power Zhuhai Ferries

Rolls-Royce has been selected to supply waterjets and high speed MTU diesel engines to power two new aluminium catamaran fast ferries for Chinese ferry operator

News

Drying Cabinets Handy On Board Nexus

In 2014, Pronomar equipped Van Oord’s offshore cable laying vessel Nexus with three drying cabinets, each responsible for the drying of eight sets of workwear.

NATO Maritime Commander Visits IMO Antipiracy Training

NATO Maritime Commander Vice Admiral Peter Hudson, CBE Royal Navy, visited the two-week Advanced Maritime Law Enforcement/Training of Trainers course taking place

Electronics Retrofit for Taiwanese Research Vessel

L-3 SAM Electronics has been awarded a contract to retrofit propulsion control and automation systems aboard the Taiwanese Navy’s Ta Kuan hydrographic and oceanographic research vessel.

Marine Equipment

Drying Cabinets Handy On Board Nexus

In 2014, Pronomar equipped Van Oord’s offshore cable laying vessel Nexus with three drying cabinets, each responsible for the drying of eight sets of workwear.

Electronics Retrofit for Taiwanese Research Vessel

L-3 SAM Electronics has been awarded a contract to retrofit propulsion control and automation systems aboard the Taiwanese Navy’s Ta Kuan hydrographic and oceanographic research vessel.

MMK Boosts Steel Shipments to Shipbuilders

OJSC Magnitogorsk Iron and Steel Works (MMK) supplied 78,000 metric tons of metal products to shipbuilders in 2014, which represents a 37.2% growth year-on-year.

Mergers & Acquisitions

SpeedCast Acquires Geolink Satellite Services

SpeedCast International Limited announced the acquisition of Geolink Satellite Services, part of the CETel Group. The closing of the transaction is subject to regulatory approval.

Tenaga Raises Offer Price for Port Operator

Tenaga Nasional Bhd , Malaysia's largest power group, said on Wednesday it has raised the takeover price for Integrax Bhd by 18.2 percent after a leading shareholder

Maersk Sheds Danske, to Issue Dividend

Danish shipping and oil group A.P. Moller-Maersk will hand shareholders a $6.6 billion windfall in dividends this year after it sells its 20 percent stake in Denmark's biggest bank Danske.

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3347 sec (3 req/sec)