Press Release - The Crosby Group & KITO Corporation


RICHARDSON, Texas, United States, and SHOWA-CHO, Yamanashi, Japan, September
22, 2022 – The Crosby Group, a leading provider of lifting and rigging solutions, and KITO
CORPORATION, a leading manufacturer of material handling equipment with 90 years of
experience in the development and production of hoists and cranes, today announced that they
have secured all regulatory clearances for their business combination and that The Crosby
Group will commence a cash tender offer to acquire all outstanding shares of KITO
CORPORATION for JPY 2,725 per share on September 26. The cash tender offer price
represents a premium of 64.3% compared to KITO CORPORATION’s undisturbed closing share
price on May 13, the last trading day before the transaction was originally announced.

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