DEFA14A ADDITIONAL PROXY SOLICITATION MATERIAL
Additional Proxy Solicitation Material Pursuant to Section 14(a)
of the Securities Exchange Act of 934
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COLUMBUS MCKINNON CORPORATION
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(Name of Registrant as specified in its charter)
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NEWS RELEASE
CONTACT:
Robert L. Montgomery, Jr.
Executive Vice President and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5405
COLUMBUS MCKINNON RECEIVES PROXY CONTEST ENDORSEMENT FROM LEADING,
INDEPENDENT SHAREHOLDER ADVISORY FIRM
Amherst, NY, August 11, 1999 - Columbus McKinnon Corporation
(NASDAQ:CMCO) announced today that Institutional Shareholder Services, Inc.
(ISS) has recommended that its clients vote to re-elect the Company's
existing Board of Directors in opposition to the proxy solicitation efforts
of the "Shareholders Committee." The self-designated Shareholders Committee
is waging a hostile proxy contest to, among other things, elect its five
nominees to Columbus McKinnon's Board of Directors in an attempt to take
control of the Company. Shareholders will vote on and decide this issue at
Columbus McKinnon's Annual Meeting of Shareholders scheduled for Monday,
August 16, 1999.
Institutional Shareholder Services, based in Rockville, Maryland, is a
longstanding, independent advisor to many major institutional shareholders
on proxy contests, corporate governance and related issues.
Timothy T. Tevens, President and Chief Executive Officer of Columbus
McKinnon commented: "We are of course pleased that ISS's independent
recommendation matches our own views on this significant issue. More
important, however, ISS provides a source for shareholders, both big and
small, who are looking for the judgment of a neutral party,
well-experienced in these issues, to guide their vote. We hope our
shareholders will vote accordingly and re-elect Columbus McKinnon's Board
of Directors."
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Columbus McKinnon Corporation is a broad-line designer, manufacturer and
supplier of sophisticated material handling products and integrated
material handling systems that are widely distributed to industrial and
consumer markets worldwide. Those items that reflect the highest sales of
Columbus McKinnon's Products segment are hoists, steel welded chain and
attachments, and industrial components. Integrated material handling
solutions are systems that are designed to meet specific applications of
end users to increase productivity through material handling. Comprehensive
information on Columbus McKinnon is available on its Web site at
http://www.cmworks.com/
This press release contains "forward looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements concerning future revenue and
earnings, involve known and unknown risks, uncertainties and other factors
that could cause the actual results of the Company to differ materially
from the results expressed or implied by such statements, including general
economic and business conditions, conditions affecting the industries
served by the Company and its subsidiaries, conditions affecting the
Company's customers and suppliers, competitor responses to the Company's
products and services, the overall market acceptance of such products and
services and other factors disclosed in the Company's periodic reports
filed with the Securities and Exchange Commission.
