Columbus McKinnon to acquire Stahl CraneSystems8 December 2016 by Sotiris Kanaris
Columbus McKinnon has reached an agreement to purchase Stahl CraneSystems, a business of Konecranes.
Stahl is a leading manufacturer of explosion-protected hoists and crane components and is well known for its custom engineering of lifting solutions and hoisting technology.
Konecranes is divesting Stahl as a result of the European Union anti-trust review related to their pending acquisition of Terex Corporation's Material Handling & Port Solutions business.
Timothy T Tevens, president and CEO of Columbus McKinnon, said: "We have long viewed Stahl as an ideal complement to Columbus McKinnon EMEA, as well as an excellent expansion of our global product offering. Their strong position with wire rope and electric chain hoists in Europe immediately complements our leadership of handheld hoists in that region, and their broad portfolio of ATEX certified explosion-protected products serving the mining, oil and gas, and chemical processing industries significantly extends our global offerings in capability and capacities.
“Equally important, Columbus McKinnon and Stahl are culturally aligned, as Stahl has a similar go-to-market strategy, produces high quality products and is focused on the total cost of ownership for their customers. They also have strong, established relationships with EPC firms for key end-user solutions."
Founded in 1876, Stahl has approximately 650 employees that support the manufacturing operation located in Germany and its nine affiliated sales companies around the world.
The all-cash transaction value for the acquisition is €224m with an earn-out potential up to €230m, if certain earnings goals are met for calendar year 2016.
Columbus McKinnon's acquisition of Stahl is expected to close between 31 January 2017 and 30 April 2017. The closing is subject to European Commission approval, the successful closing of the pending acquisition of certain Terex subsidiaries by Konecranes, and other customary conditions.