Columbus McKinnon Corp. has sold the Gaffey division of its Crane Equipment and Service Inc. subsidiary, in Cleveland, TX, to Ace Industries Inc., a Georgia-based manufacturer and distributor of overhead cranes. The two companies did not detail the terms of the sale.
Columbus McKinnon designs and manufactures cranes and various material handling systems and components, like rigging, hoists, hooks, and chains, under numerous brand names. It has forging operations among its holdings, including Dixie Industries, in Chattanooga, TN, which forges iron and steel tools for logging and forestry equipment.
Timothy T. Tevens, Columbus McKinnon president and CEO, noted “Gaffey has been a solid division of our company for many years, but given the nature of its business as a crane manufacturer and service provider, Ace Industries is a more logical owner of Gaffey.”
Tevens called Ace Industries “a well-respected channel partner which is focused on crane production, service and rigging.”
Gaffey contributed less than $20 million of revenue to Columbus McKinnon in FY 2012, and the company said it does not expect the transaction to have a material effect on its financial results for 2Q 2013, ending September 30.
