US lifting equipment manufacturer Columbus McKinnon has raised $2.65m net by selling a crane factory in Chicago.

The facility was no longer needed after a rationalisation programme moved production to Eureka, Illinois.

The 7ha of land, including factory building, was sold on 13 January for $3.675m.

The money raised will be used to help reduce Columbus McKinnon’s debt that stood at $288m in July 2004, or 81 per cent of total capital.