Columbus McKinnon Corp. expects its fourth-quarter profits to grow by $200,000, or a penny per share, after the Amherst material handling equipment manufacturer sold a factory and warehouse in Virginia that it closed last year.
The sale of the 112,000-square-foot factory and warehouse in Abingdon, Va., combined with the sale of two other properties earlier this year, will add a total of $3.9 million, or 26 cents per share, to profits during the quarter that ended Thursday.
The company received a total of $6.9 million in cash from the property sales and expects to use the funds to reduce its debt.
The Virginia facility sold for $600,000. Its operations were shifted to a nearby plant last year.