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Columbus McKinnon Completes Acquisition of Dorner Manufacturing Corporation
BUFFALO, N.Y.--(BUSINESS WIRE)-- Columbus McKinnon Corporation (Nasdaq: CMCO) (the “Company”), a leading designer and manufacturer of intelligent motion
About this update from Columbus Mckinnon Corporation
[{"type":"text","content":" BUFFALO, N.Y.--(BUSINESS WIRE)--\nColumbus McKinnon Corporation (Nasdaq: CMCO) (the “Company”), a leading designer and manufacturer of intelligent motion solutions for material handling, today announced that it has completed its acquisition of Dorner Manufacturing Corporation (“Dorner”).\n\n“The acquisition of Dorner significantly advances our growth objectives and strategy by providing a new platform in the specialty conveying space while leveraging our combined leadership position to create greater scale as a preeminent provider of intelligent motion solutions for material handling,” said David Wilson, President and CEO of Columbus McKinnon. “We are very excited to welcome the talented team members of Dorner to the Columbus McKinnon family and believe that the path we have embarked on will further our Blueprint for Growth 2.0 strategy.”\n\nDorner Acquisition\n\nColumbus McKinnon has acquired Dorner Manufacturing Corporation for an all-cash purchase price of $485 million on a cash free, debt free basis which amount is subject to certain customary post-closing adjustments. Cost synergies are expected to be approximately $5 million annually by the end of fiscal year 2023 with expected one-time integration costs of approximately $4 million over the next two years. Columbus McKinnon anticipates one-time transaction related costs of approximately $11 million excluding financing fees. J.P. Morgan acted as exclusive financial advisor. J.P. Morgan, Wells Fargo, and PNC Bank provided committed financing. DLA Piper served as outside counsel on the transaction and financing.\n\nAbout Columbus McKinnon\n\nColumbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that efficiently and ergonomically move, lift, position, and secure materials. Key products include hoists, crane components, precision conveyor systems, actuators, rigging tools, light rail workstations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at www.columbusmckinnon.com.\n\nSafe Harbor Statement\n\nThis news release contains “forward-looking statements” within the meaning of the Private Securities Litigation...