Charlotte manufacturer aims for growth in nearly $3 billion deal to buy Texas company
Local industrial manufacturer Columbus McKinnon disclosed plans to buy Texas-based Kito Crosby in a deal worth $2.7 billion, according to a Monday news release from the Charlotte-based company.
Columbus McKinnon is working to finish the deal by the end of this year. Investment firm KKR was involved with the agreement between the two companies for the all-cash transaction. Combining the companies will increase production of services, according to Columbus McKinnon.
Kito Crosby makes and distributes products for lifting, rigging, transporting, and securing loads. Columbus McKinnon produces lifting devices, hoists and conveyor belts.
David Wilson, CEO of Columbus McKinnon, said the union of the companies will help with infrastructure investment, modernizing aging facilities and rising automation needs due to labor shortages. The combination of employees with technical experience will also benefit customers, he added.
Columbus McKinnon in Charlotte
Columbus McKinnon moved its corporate headquarters from Buffalo, New York, to Charlotte in 2022.
The company closed its Duff-Norton facility on Pioneer Avenue in late September. Columbus McKinnon’s Duff-Norton makes screw jacks, rotary unions and other industrial devices.
Nearly 80 people were laid off as the company shifted operations to Monterrey, Mexico. Another six workers are anticipated to lose their jobs on March 31 because of the closure.
More on Columbus McKinnon and Kito Crosby
The combined company is expected to have annual revenue of $2.1 billion, according to the news release.
Columbus McKinnon operates offices and manufacturing facilities across North America, Latin America, Europe, the Middle East, Africa, Asia and Oceania. It employs more than 3,000 people worldwide, and has more than 100 employees at its Charlotte headquarters.
It operates on two floors of a building at 13320 Ballantyne Corporate Place as its headquarters, just south of Interstate 485 in Ballantyne.
There will be a little over 7,000 company-wide after the deal is complete, according to Columbus McKinnon.
The publicly traded company had net revenue of $239.7 million, according to its first quarter earnings report for the 2025 fiscal year.
Kito Crosby operates multiple manufacturing assembly plants that produce lifting solutions. It employs more than 4,000 people in over 50 countries. KKR has owned Kito Crosby since 2013.
In 2024, Kito Crosby generated $1.1 billion in revenue through a global partner network, according to the news release.
This story was originally published February 12, 2025 at 5:52 AM.
