Local industrial manufacturer Columbus McKinnon disclosed plans to buy Texas-based Kito Crosby in a deal worth $2.7 billion, according to a Monday news release from the Charlotte-based company.

Columbus McKinnon Corp has agreed to buy machinery maker Kito Crosby from Kohlberg Kravis Roberts & Co (KKR) in a transaction ...

It's set to form a leading material handling and motion control supplier with annual revenues of about $2.1 billion.

KKR has agreed to sell Kito Crosby, a Texas-based manufacturer of safe lifting and securement solutions, to Columbus McKinnon for $2.7 billion. The deal is expected to close later this year.

Columbus McKinnon Corp. has agreed to buy machinery maker Kito Crosby from KKR & Co. in a transaction valued at $2.7 billion.