Kito Americas to acquire Peerless Industrial
Kito Americas Inc. has agreed to acquire Peerless Industrial Group from Westview Capital Partners.
Closing is expected in late August.
Kito currently operates Harrington Hoists Inc. and Kito Canada in North America and is the largest subsidiary of the Kito Corporation of Japan.
Kito Americas provides powered and manual overhead lifting products. Peerless is a manufacturer and distributor of chain and chain products. The combination of the Peerless, Harrington and Kito brands will give customers access to a much wider variety of products in the markets currently served and also allow faster expansion of the Peerless products throughout Kito’s global network, the company said.
“Peerless’ product portfolio integrates well with our core overhead lifting customers and also allows us to diversify our customer base. We expect to better serve our material handling customers by offering a much broader, high-quality product range and also access new markets around the world through our global subsidiary operations and distribution networks," said Ned Hunter, Kito Americas president and CEO of Harrington Hoists Inc. "This combination allows us to better serve our rapidly growing customer base and also increases our global manufacturing footprint in order to streamline supply chains and provide seamless, high-quality services. We are excited about this opportunity to increase our value to our customers and team members.”
Tom Wynn, president and chief executive officer of Peerless, added, "We recognize the dramatic opportunity with this joining of our businesses and feel this is a game changer within the industry. It is anticipated our combined customers and employees will realize significant value with this new partnership.”
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