SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F 0 R M 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 11, 2000
COLUMBUS MCKINNON CORPORATION
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(Exact name of registrant as specified in its charter)
NEW YORK
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(State or other jurisdiction of incorporation)
0-27618 16-0547600
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(Commission File Number) (IRS Employer Identification No.)
140 JOHN JAMES AUDUBON PARKWAY, AMHERST, NEW YORK 14228-1197
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (716) 689-5400
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(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS
On January 10, 2000, the registrant retained Bear, Stearns & Co. Inc. to
advise it on strategic alternatives to maximize shareholder value, including a
sale or merger of the Company. A copy of the press release issued in connection
with such action is attached hereto as Exhibit 99.
Item 7. EXHIBITS
EXHIBIT NUMBER DESCRIPTION
99 Press Release dated January 11, 2000
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COLUMBUS McKINNON CORPORATION
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By: /S/ ROBERT L. MONTGOMERY, JR.
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Name: Robert L. Montgomery, Jr.
Title: Executive Vice President
Dated: January 11, 2000
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION PAGE
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99 Press Release dated January 11, 2000 5
NEWS RELEASE
CONTACT:
Robert L. Montgomery, Jr.
Executive Vice President and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5405
COLUMBUS McKINNON RETAINS BEAR, STEARNS & CO. INC. TO ADVISE IT ON STRATEGIC
ALTERNATIVES TO MAXIMIZE SHAREHOLDER VALUE
AMHERST, N.Y., January 11, 2000 -- Columbus McKinnon Corporation
(Nasdaq:CMCO), a leading global manufacturer and supplier of material handling
products and solutions, announced today that it has retained Bear, Stearns & Co.
Inc. to advise it on strategic alternatives to maximize shareholder value,
including a sale or merger of the Company.
Timothy T. Tevens, President and Chief Executive Officer of Columbus McKinnon
commented, "In taking this action, management and the Board believe that there
is significant value in CM's business that is not reflected in our current share
price. Therefore, we are evaluating alternatives to realize the substantial
value of our Products and Solutions - Industrial segments, which hold strong
market share and brand leadership while contributing most of CM's consolidated
sales and earnings and generating significant cash flow. In addition, we are
continuing with our previously announced plan to explore strategic options for
our Solutions - Automotive segment (Automatic Systems Inc.)."
Tevens continued, "We have retained Bear Stearns as a financial advisor to
assist us in conducting an orderly and thorough evaluation of all our options
for maximizing shareholder value and will move ahead with this coordinated
initiative as expeditiously as possible."
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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 revenues 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.
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