Crosby Group and Kito merger completed
By Hannah Sundermeyer07 February 2023
The Crosby Group, a provider of lifting and rigging solutions, and Kito Corporation, a leading manufacturer of material handling equipment with 90 years of experience in the development and production of hoists and cranes, have completed their business combination.
The announcement follows the settlement of The Crosby Group’s cash tender offer for all outstanding shares of Kito for JPY 2,725 per share and the completion of the related squeeze-out process and de-listing of Kito from the Tokyo Stock Exchange.
This combination, under the name Kito Crosby, brings together two companies with complementary geographic footprints and product portfolios to better serve customers, team members and their global communities, the company said.
“I am thrilled to announce we have completed the business combination of The Crosby Group and Kito Corporation to form Kito Crosby, a global provider of comprehensive lifting solutions,” said Robert Desel, CEO, Kito Crosby. “Together, our highly complementary product portfolios and mutual commitments to safety, reliability, and innovation will create exceptional value for our customers and other stakeholders. I am honored to be leading this organization and its 4,000 team members around the world to bring together two amazing businesses with rich traditions and histories.
According to Yoshio Kito, Chairman of the Board of Kito Crosby, the combination represents significant value creation for customers, employees, shareholders and communities.
“We are excited to continue growing as a combined business and to develop incremental opportunities for our existing and new customers across the world with expanded product offerings and solutions, while maintaining the same support and commitment they have come to expect,” added Kito.