Columbus McKinnon To Acquire Magnetek
AMHERST, N.Y. and MENOMONEE FALLS, WI — Columbus McKinnon Corporation, a designer, manufacturer, and marketer of material handling products, and Magnetek, Inc. announced Monday that they have entered into a definitive agreement for Columbus McKinnon to acquire all of the outstanding shares of Magnetek for a total value of $188.9 million.
Magnetek designs and manufactures digital power and motion control solutions for material handling, elevators, and mining applications.
The transaction combines complementary strengths to create more competitive and comprehensive material handling solutions for customers. The agreement has been approved unanimously by the Boards of Directors of both companies and Magnetek’s Board of Directors has unanimously recommended that its shareholders tender into the offer, which is anticipated to commence on or before Aug. 5, by a wholly-owned subsidiary of Columbus McKinnon.
Magnetek is North America’s largest independent supplier of digital drives, radio controls, software, and accessories for industrial cranes and hoists, and also the largest independent supplier of digital direct current motion control systems for elevators. Customers include most of the industrial crane and hoist companies in North America, including Columbus McKinnon, and the worldwide elevator builders and mining equipment manufacturers.