Corp. announced a definitive agreement to acquire Kito Crosby Ltd. (KCL), a manufacturer of lifting, rigging, and material-handling equipment. The transaction, valued at $2.7 billion, is expected to significantly increase the scale and scope of Columbus McKinnon's operations through the full integration of KCL.

It's set to form a leading material handling and motion control supplier with annual revenues of about $2.1 billion.

Columbus McKinnon agreed to buy Kito Crosby Ltd. from KKR for $2.7B in cash, to advance its strategy as the holistic provider of intelligent motion solutions in materials handling.

Columbus McKinnon Corp. has agreed to buy machinery maker Kito Crosby from KKR & Co. in a transaction valued at $2.7 billion.