A Japanese company, KITO Americas, has entered into a stock purchase agreement to acquire Peerless Industrial Group from Westview Capital Partners L-P, by purchasing all of the shares of Peerless Industrial Group.
KITO Americas will be combining with Peerless to expand its product to better serve its customer segments around the world and strengthen its North American business.
The closing of the deal is expected in late August.
Tom Wynn, Chief Executive Officer of Peerless , said in a statement, quote-"we recognize the dramatic opportunity with this joining of our businesses and feel it is a game changer within the industry. iI is anticipated the combined customers and employees will receive significant value with this new partnership"--end quote.
KITO Americas currently operates Harrington Hoists and KITO Canada.
The original Peerless Chain company was established in Winona in 1917.