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

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

Business combination materially improves scale and product scope, advancing Columbus McKinnon's strategy as the holistic provider of intelligent motion solutions in materials handling Complementary portfolio enhances strategic positioning in attractive verticals and target geographies,