Crosby and Kito Combine to Provide Global Lifting Solutions
|From left, Robert Desel, Yoshio Kito
Feb. 1, 2023 – The Crosby Group, a leading provider of lifting and rigging solutions, and Kito Corporation, a leading manufacturer of material handling equipment with 90 years of experience, have completed their business combination.
To combine companies, The Crosby Group bought all outstanding shares of Kito Corporation, and Kito was de-listed from the Tokyo Stock Exchange.
This combination, named Kito Crosby, brings together two industry-leading companies with complementary geographic footprints and product portfolios to better serve customers, team members, and their global communities.
The combined company will invest in its people, products, and facilities to advance innovative solutions for customers, who will benefit from expanded service, support, and training.
Under the new entity, Kito Crosby team members will be participants in the employee ownership program.
Robert Desel, CEO of Kito Crosby, said: “Together, our highly complementary product portfolios and mutual commitments to safety, reliability, and innovation will create exceptional value for our customers and other stakeholders. I am honored to be leading this organization and its 4,000 team members around the world to bring together two amazing businesses with rich traditions and histories.”
Yoshio Kito, chairman of the board of Kito Crosby, said: “This combination represents significant value creation for our customers, employees, shareholders, and communities. We are excited to continue growing as a combined business and to develop incremental opportunities for our existing and new customers across the world with expanded product offerings and solutions, while maintaining the same support and commitment they have come to expect.”