Columbus McKinnon Closes Arkansas Plant

Columbus McKinnon (CM) Corp., Amherst, N.Y., will close its Yale Hoist manufacturing facility in Forrest City, Ark., later this fiscal year following the rationalization and transfer of hoist products to other CM facilities. The estimated annualized recurring pretax cost savings expected to result from this action are $7.25 million and the first quarter fiscal 2002 pretax restructuring charge related to this transition will be $8.8 million, comprised largely of lease termination costs. The plant closing is a continuation of CM's integration process resulting from its acquisition over the last six years of several major North American hoist producers.