Columbus McKinnon Sells Gaffey Crane Division
Columbus McKinnon Corporation, Amherst, N.Y., has sold ts Gaffey division of Crane Equipment and Service Inc. to Ace Industries. Timothy Tevens, president and CEO of Columbus McKinnon, said: "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. Ace Industries is a well-respected channel partner which is focused on crane production, service and rigging."
Gaffey is located in Cleveland, TX and primarily serves the South-Central United States. The Gaffey division contributed under $20 million of revenue to Columbus McKinnon in the fiscal year that ended March 31, 2012. The company does not expect the transaction to have a material effect on its financial results in its fiscal 2013 second quarter, which ends September 30, 2012.