Magnetek Bought by Columbus McKinnon
The combination of Magnetek's technology and “smart power” with Columbus McKinnon’s broad line of lifting and positioning mechanical products creates a total solution for customers, said Timothy Tevens, president and CEO of Columbus McKinnon.
“We see many opportunities for revenue synergies by advancing Magnetek’s power control technology globally through our multiple sales channels and introducing it into key vertical markets. In addition, we can offer more complete material handling solutions to shared key vertical markets including automotive, heavy OEM, mining, as well as energy,” added Tevens.
Headquartered in Menomonee Falls, Wis., Magnetek has about 340 employees. Peter McCormick, president and CEO, will continue to lead the Magnetek business and help integrate the two companies, according to reports.