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 October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Golden Magnolia Award for Antwerp Port Rep.

Jan Van der Borght, the representative of the port of Antwerp in Shanghai, has been presented with the Golden Magnolia Award. Two years ago he won the Silver Magnolia Award,

Permanent Magnet Technology for Maritime Propulsion

Multipurpose vessels, especially those that operate primarily at part loads, have been facing pressure when it comes to making money in today’s business environment.

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

News

NY Harbor Supply & Distribution Fall Reception/Buffet

More than 600 attendees are expected at the 52nd annual New York Harbor Supply & Distribution Fall Reception/Buffet for the energy and energy related industries

Kounalakis Joins OW Bunker N. America

OW Bunker, a reseller and physical supplier of marine fuels, announced the appointment of Georgia Kounalakis to its physical supply operation in North America.

Louisiana to Get Natural Gas Liquefaction and Fueling Facility

Tenaska Bayou LNG expected to meet growing marine, transportation and oil and gas exploration and production demand on the Gulf Coast Tenaska NG Fuels, LLC and Waller Marine, Inc.

Marine Equipment

Cummins Debuts Mobile Tier 4 Generators

Cummins’ certified Tier 4 Final QSB7 and QSL9 engine platforms form the basis for mobile sets that meet EPA regulations U.S. EPA Tier 4 Final certified mobile

Power and Endurance Ready for Austrailian Waters

Wamalhanha is the final newbuild in a series of six tugs of the Robert Allan Design, RAstar 3200 where her main duties will be terminal activities, escort duties, ship assist, towage duties.

N-Sea Completes Inaugural System Diving Scope

Inspection, maintenance and repair (IMR) specialist N-Sea has recently completed its inaugural diving scope with the TUP Diving System (Transfer Under Pressure).

Mergers & Acquisitions

'Flag Zannis' Delivered

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd ("COSCO Dalian"), a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

Mitsui Procuring 8 LNG Vessels

President and CEO, Masami Iijima of Mitsui & Co., Ltd. informed that the compnay is currently proceeding with the procurement of eight LNG ships intended to

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators 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: 0.2819 sec (4 req/sec)