MANHEIM, PA--(Marketwired - Jul 24, 2014) - KITO Americas, Inc. announced today that the company has entered into a stock purchase agreement to acquire PEERLESS Industrial Group from WESTVIEW CAPITAL PARTNERS II, L. P. (WESTVIEW) by purchasing all the shares of PEERLESS Industrial Group, INC. (PEERLESS). The share transfer of PEERLESS shall be executed subject to the terms and conditions in the Stock Purchase Agreement. KITO Americas, Inc. (KITO AMERICAS) currently operates Harrington Hoists, Inc. (HARRINGTON) and KITO Canada (KCI) businesses in North America and is the largest subsidiary of the KITO CORPORATION (KITO) of Japan. KITO is listed on the Tokyo Stock exchange (TSE1) under the stock ticker 6409.
KITO AMERICAS will, by combining with PEERLESS, expand its product to better serve its customer segments around the world and strengthen its North American business. KITO AMERICAS is currently a market leader in providing powered and manual overhead lifting products. PEERLESS is the largest manufacturer and distributor of chain and chain products in North America. The combination of the PEERLESS, HARRINGTON, and KITO brands will give our combined 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 final closing of the combination of these companies will occur in late August.
Ned Hunter, KITO AMERICAS' President and CEO of Harrington Hoists, Inc., commented, "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. 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, commented, "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. Wynn went on to say that KITO, Harrington and Peerless all share the same core values and philosophy of superior quality and customer service."
Yoshio Kito, President of KITO CORPORATION, commented, "Both Peerless and KITO believe that the quality of products and services is critical to success. We also both believe that it is important to focus on our customers, and to do that, we need to have the best people in the industry. The combination of Peerless and KITO is perfect; we share a common philosophy."
About PEERLESS:
Established in 1917, Peerless is the market leader in the design, manufacturing and supply of chain, overhead lifting, cargo control and traction products in North America. Headquartered in Winona, Minnesota they operate three manufacturing locations and six distribution centers. The company offers best-in-class products, innovation and custom solutions to a diverse industrial and consumer customer base. Peerless is also recognized around the world for the premium product brands of ACCO, Peerless, Security Chain and the patented products provided within each brand.
About KITO CORPORATION AND KITO AMERICAS, INC.:
KITO CORPORATION is a worldwide leader in the design and manufacture of hoists, cranes, and other components for overhead lifting and other material handling products. KITO Americas, Inc. is the US subsidiary of KITO CORPORATION and is the parent company of Harrington Hoists, Inc. and KITO Americas. KITO Americas, Harrington Hoists, and KITO Canada operate two manufacturing sites and three value added distribution sites in North America.
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