NEWS | NOVEMBER 2022
THE CROSBY GROUP STARTS CASH TENDER OFFER ON SHARES OF KITO CORPORATION
T
he Crosby Group and Kito Corporation have announced 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. 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.
The cash tender offer started on
September 26 and the transaction is expected to close in Q1 2023, following the settlement of the cash tender offer and the completion of the squeeze-out period. The proposed combination will bring
together the complementary capabilities, geographic footprints, and product portfolios of two industry-leading companies to better serve customers, team members, and communities. Well- positioned to accelerate growth through investments in its products, people, and facilities, the combined company will bring customers a broader portfolio of products, globally, and provide increased levels of service, support, and training. “The receipt of regulatory clearances and commencement of the cash tender offer are key milestones as we work toward the completion of our business combination with Kito Corpopration and the creation of a global provider of comprehensive lifting solutions,” said
Robert Desel, CEO, The Crosby Group. “Pairing our highly complementary
product portfolios gives our global customer base access to a broad range of lifting and material handling solutions from one trusted source. Together we will create compelling value for our stakeholders globally. Kito Corporation shares our core values of safety, reliability, and innovation, and we look forward to completing this process.” Yoshio Kito, CEO, Kito Corporation added: “We are pleased to have received the necessary regulatory clearances. We believe this combination creates excellent value for all stakeholders, and we are excited to build upon a combined business to better serve our customers, team members, and communities. This combination will allow us to grow as a global business and provide our customers with expanded, best-in- class product offerings, with the same dedication and support to which they are accustomed.” ●
CERTEX UK WINS SEAGREEN OFFSHORE WIND FARM FRAMEWORK
equipment at the 114-turbine, 1,075MW Seagreen Offshore Wind Farm, located off the coast of Angus in the North Sea firth. The framework is for three years, plus a two-year extension. A £3bn joint venture between
C
TotalEnergies (51%) and SSE Renewables (49%), Seagreen, located approx. 17 miles offshore, will be Scotland’s largest and the world’s deepest fixed bottom offshore wind farm. It will provide enough green energy to power more than 1.6 million homes. V164-10 MW turbines have been positioned on each of the 114 bases. The BoP covers detailed infrastructure design and supply of all parts of the wind farm (except turbines), including towers, foundations, buildings, electrical systems between turbines, and the onshore
ertex UK has won a major framework to supply statutory inspection and maintenance of Balance of Plant (BoP)
demarcation point between the wind farm and the grid. Certex UK’s work will relate to the transition jackets in addition to personal protective equipment (PPE), including fall arrest systems; davit cranes; anchor points; and ladders. Certex UK, which will also deliver services to an operations and maintenance site in Montrose, will commit a two-person team, working in rotation via a service operation vessel (SOV) covering offshore scopes all year round. The company will leverage resources from its own Montrose facility. “We provide a rounded service
offering of statutory inspection and maintenance works employing well- trained and competent engineers. Unlike many renewables statutory inspection companies, Certex is fundamentally a lifting engineering business and has access to a significant product stock with global supply chain agreements and employed technical experts,” said Terry
Hoenes, divisional manager, renewables, Certex UK. Certex UK also holds the full turbine
and BoP statutory inspection contract for the Greater Gabbard wind farm, covering 140 turbines (part of the Lifting Solutions Group, one of six divisions within the Axel Johnson International business). Certex provides products and services to various stakeholders within the wind energy sector, including companies that manage either the installation of new wind farms, or the service and maintenance of existing sites.●
www.hoistmagazine.com | November 2022 | 27
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