AMHERST, N.Y. — Columbus McKinnon Corporation (Nasdaq:CMCO), a designer, manufacturer, and marketer of material handling products, announced Monday that it has acquired privately-owned Stahlhammer Bommern GmbH ("STB"), a manufacturer of a large range of lifting tools and forged parts that are able to withstand particularly heavy, static, and dynamic loads, including single and ramshorn lifting hooks.
Columbus McKinnon has acquired the equity of STB for $24.6 million in cash and assumed approximately $6.6 million of net debt. The purchase agreement includes a potential $3.7 million earn-out, subject to achieving a certain profit target through calendar year 2015.
Timothy T. Tevens, President and Chief Executive Officer, commented, "STB's brand is built on a long history of designing and manufacturing quality, reliable heavy load lifting tools. STB expands our rigging tool offering with a much wider variety of eye, shank, and ramshorn lifting hooks and deepens our exposure to targeted global vertical markets, such as Oil & Gas, Mining, Construction and Heavy Equipment industries. We plan to further extend STB's product reach through our established global sales and distribution network."
Founded in 1911 and headquartered in Hamm, Germany, STB has tool-making, forging and machining capabilities. The leading European manufacturer of heavy-load single and ramshorn hooks, STB provides rigging tool offerings as well as engineering components to a diversified customer base, primarily serving Europe and Asia. STB manufactures its products at its 82,000 square foot facility in Hamm, Germany and is expected to have calendar year 2014 revenue of approximately $17.8 million with an operating margin of 16%. All financial figures have been converted from Euros to U.S Dollars using an exchange rate of 1.23.
Columbus McKinnon is a worldwide designer, manufacturer, and marketer of material handling products, systems and services, which efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, cranes, actuators and rigging tools. The company is focused on commercial and industrial applications that require the safety and quality provided by its design and engineering know-how. Information on Columbus McKinnon is available on its website at https://www.cmco.com/.
