Columbus McKinnon Corp/NY - CMCO STOCK NEWS

Columbus McKinnon Corporation (Nasdaq: CMCO) has successfully closed its public offering of 4,312,500 shares of common stock at $48.00 per share, raising approximately $207 million in gross proceeds. This includes the full exercise of underwriters' option for an additional 562,500 shares. J.P. Morgan led the offering, with Wells Fargo Securities and PNC Capital Markets as joint book-running managers. The offering was registered with the SEC and was made by means of an effective prospectus.

Columbus McKinnon Corporation (CMCO) has announced the pricing of an upsized public offering of 3,750,000 shares at $48.00 each, totaling $180.0 million. This increase from the initial $150.0 million offering is expected to close on May 4, 2021. The company anticipates net proceeds of about $172.4 million, aimed at reducing outstanding borrowings. The underwriters also have a 30-day option to buy an additional 562,500 shares. J.P. Morgan leads the offering, with Wells Fargo and PNC as joint managers.

Columbus McKinnon Corporation (CMCO) has announced preliminary financial results for its fourth quarter and fiscal year 2021, ending March 31, 2021. The expected revenue for Q4 is projected between $184 million and $187 million, surpassing earlier guidance of $175 million to $180 million. Fiscal 2021 revenue is expected to be between $647 million and $651 million. Preliminary Adjusted EBITDA is estimated at $25 million to $27 million for Q4, and $76 million to $78 million for the year. Orders received in Q4 are projected at $208 million to $209 million, with backlog expected to rise to $171 million to $172 million.

Columbus McKinnon Corporation (Nasdaq: CMCO) has launched an underwritten public offering of $150.0 million of its common stock, with the option for underwriters to purchase an additional $22.5 million. The net proceeds will be used to repay part of its outstanding borrowings under its first lien term facility. J.P. Morgan is the lead book-running manager for this offering, alongside Wells Fargo Securities and PNC Capital Markets. The registration statement for these securities has been filed but is not yet effective.

Columbus McKinnon Corporation (Nasdaq: CMCO) has completed the acquisition of Dorner Manufacturing Corporation for $485 million in cash, advancing its growth strategy by entering the specialty conveying sector. The acquisition aims to generate approximately $5 million in annual cost synergies by the end of fiscal 2023, with expected one-time integration costs of around $4 million. Transaction-related costs are anticipated at $11 million, excluding financing fees. This strategic move is expected to enhance CMCO's position in intelligent motion solutions.

Columbus McKinnon Corporation (Nasdaq: CMCO) has launched Intelli-Connect Diagnostics and Analytics, a new solution designed to reduce equipment downtime and enhance maintenance efficiency. This technology allows crane and hoist operators to access critical diagnostic information via a mobile app, enabling faster troubleshooting and proactive maintenance scheduling. The Intelli-Connect Mobile+ version will introduce advanced features later in 2021. This product integration aims to streamline operations, minimize hazards, and optimize equipment reliability, positioning CMCO as a leader in intelligent motion solutions.

Columbus McKinnon Corporation (CMCO) has declared a quarterly dividend of $0.06 per common share. This decision was made during the Board of Directors meeting on March 22, 2021. Shareholders on record as of May 3, 2021 will receive the dividend, which will be paid on or about May 13, 2021. The company currently has approximately 24.0 million shares outstanding, emphasizing its commitment to returning value to shareholders.

EQT Private Equity has agreed to sell Dorner, a leading provider of high precision conveyor solutions, to Columbus McKinnon Corporation (CMCO) for an Enterprise Value of USD 485 million. Established in 1966 and headquartered in Hartland, WI, Dorner focuses on various high-growth sectors, including e-commerce and life sciences. With approximately 400 employees and manufacturing capabilities in multiple regions, Dorner has successfully integrated acquisitions and realigned its market approach under EQT's guidance. The transaction is anticipated to close in Q2 2021.

Columbus McKinnon Corporation (CMCO) has announced a definitive agreement to acquire Dorner Manufacturing Corporation for $485 million. The acquisition aims to enhance CMCO's growth by expanding its portfolio in high-precision conveying systems, tapping into the $5 billion specialty conveyor market. Dorner, which has achieved a 12% revenue growth over five years, serves high-demand sectors like life sciences and e-commerce. The deal is anticipated to close in early fiscal 2022, with expected cost synergies of nearly $5 million within two years.