Columbus McKinnon sells assets for $2.4M

AP News
Posted: Nov 16, 2009 11:46 AM

Columbus McKinnon Corp., maker of hoists, cranes and other lifts, said Monday it would sell its American Lifts unit to Autoquip for $2.4 million in cash and close the plant that now houses those operations.

Columbus McKinnon, based in Amherst, N.Y., said the deal closed Oct. 30, and it will close its Greensburg, Ind., factory. The company did not say how many jobs would be affected. It plans to sell the vacant plant.

Autoquip, based in Guthrie, Okla., plans to move American Lifts operations to its Guthrie plant. Autoquip makes scissor lift tables, vertical ram lifts and dock levelers.

Columbus McKinnon plans to record an $800,000 pretax gain from the sale in its fiscal third quarter that ends Dec. 31.

Columbus McKinnon shares rose 49 cents, or 3 percent, to $16.96 in late morning trading.