Columbus McKinnon is planning to sell three of its businesses as part of a restructuring program that focuses most of the Amherst material handling equipment maker's resources on the most profitable portions of its business.
Columbus McKinnon said it plans to sell its tire shredding business in Florida, along with its crane building business and a German company that it acquired in 2014. The three businesses had about $38 million in sales and generated about $1 million in operating profits during the 2018 fiscal year.
Columbus McKinnon announced plans for the divestitures as it reported a 34 percent drop in its first-quarter profits, caused mostly by an $11.1 million charge associated with the potential sales. Excluding those costs, as well as $1.9 million in integration expenses from its recent acquisition of Stahl, the company's adjusted net income rose by 39 percent to $17.5 million, or 74 cents per share. That topped analyst forecasts by 14 cents per share.
Sales rose 10 percent to $225 million.