ASIA | REGION REPORT
to ensure even better safety practices, and product innovation and sharing of ideas by employees, positioning the combined company to be better equipped to serve customers, employees, and communities in the face of supply chain challenges and inflationary pressures. “As a result, the parties believe the Combined Group would be able to maintain better quality created from sharing manufacturing practices, and achieve better customer service from sharing talent and greater combined experience with servicing customers than the parties could achieve on their own. “Additionally, the Combined Group would
likely be able to utilize their complementary capabilities in new product development to create innovations for new and existing customers of the parties.” Specifically, Kito Group has expertise
in crane applications and The Crosby Group has expertise in rigging hardware applications (meaning hardware attached to products for use in ensuring safety and in lifting and hoisting), which are complementary product areas within the lifting and securement hardware industry.
Moreover, the parties believe the Combined Group can use their complementary geographic presences such as Crosby Group being headquartered in the US and Kito Group being headquartered in Japan, giving the Combined Group a better presence globally to service customers across the globe to add further value to employees, customers, suppliers and communities, and to promote sales of the products across a broader geographic landscape to better serve customers.” In Kito’s fiscal results for 2021 (ended
March 31, 2022), it reported that despite intermittent constraints on economic activity in certain countries and regions as a result of the coronavirus pandemic, overall demand recovered sharply centered on Western countries, while the Japanese market continued to recover at a moderate pace. “Looking at the current external
environment, the international situation in Europe and elsewhere is increasingly uncertain. The appreciation in material costs and raw material costs stemming from the rapid recovery in economic activity following the coronavirus pandemic, and
constraints on supply chains such as logistics disruptions, is also expected to continue,” it said in a statement. “At the same time, demand in the North American and European markets remains firm, while in the Japanese market, where recovery has been relatively moderate, orders to meet capital investment plans are steadily increasing. Asian markets are also showing signs of a turnaround. In addition, government policy measures around the world are expected to continue to drive infrastructure demand. “Kito Group will continue to invest in
manufacturing equipment for its production facilities in order to firmly capture all this widespread demand.” The Crosby Group and Kito were not the
only ones to announce new partnerships recently, as The CMA CGM Group, and PSA Corporation (PSA), a subsidiary of PSA International, signed a Memorandum of Understanding (MoU) to jointly create and implement sustainable solutions relating to CMA CGM’s port and terminal handling activities in Singapore, through the joint venture partnership in CMA CGM-PSA Lion Terminal (CPLT).
R CMA CGM Jacques Saade at the CMA CGM-PSA Lion Terminal 28 | July 2022 |
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