Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Columbus McKinnon Corp, a leading designer, manufacturer and marketer of material handling products, has acquired 100% of the shares of privately-held Yale Lifting Solutions located in Magaliesburg, South Africa. With less than $10 million in annual sales, Yale Lifting Solutions has been representing Columbus McKinnon’s Yale brand of products to the South African mining industry for over 14 years. Columbus McKinnon had previously owned 20% of Yale Lifting Solutions.
Timothy T. Tevens, President and Chief Executive Officer, commented, “This acquisition furthers our strategy to penetrate specific industries where we believe we can continue to win additional market share. Yale Lifting Solutions provides an immediate expansion of our sales and service efforts to the mining industry in a resource rich country that continues to expand, and we expect that extensive customer education can provide us a competitive advantage. Our approach acknowledges that various geographic markets will require unique approaches to increase our presence. Strategically, we continue to focus on expanding our market share around the world as we aspire to be the world’s leader in equipment that lifts, positions and moves material easily and safely.”
Columbus McKinnon is a worldwide designer, manufacturer and marketer of material handling products, systems and services, which efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, cranes, actuators and lifting and rigging tools. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering knowhow.
