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.
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