May 16, 2022

To our Valued Customers and Partners,

We at KITO have been privileged to serve you under our various brands around the world since 1932, and we hope to continue to provide you with the highest quality products and customer experience you deserve. To that end, we are excited to announce that KITO and Crosby have entered into a definitive agreement to combine the businesses, creating a complete lifting solutions provider with a shared commitment to safety, reliability, and innovation. KITO is a leading manufacturer of material handling equipment with over 85 years of experience in the development and production of hoists, cranes, load control equipment and lifting devices, including world-class brands such as KITO, Harrington, Peerless, KITO Erikkila, KITO Van Leusden, KITO Chain Italia, and Fall Safe. Crosby is a leading manufacturer of material handling equipment with nearly 200 years of experience in the development and production of lifting, rigging and securement equipment, including world-class brands such as Crosby, Gunnebo, and McKissick. Together, this combined business will be capable of delivering even more value to our distribution customers and end users.

The combination is expected to close in the second half of the year, subject to customary closing conditions including regulatory clearance from relevant authorities. During this period, KITO and Crosby will operate as separate, independent companies. Upon close, we look forward to sharing more details and, as always, plan to work closely with channel partners and end users on value creation opportunities.

This transaction will pair the highly complementary product portfolios of KITO and Crosby, enabling access to a broad portfolio from one trusted manufacturer. We are thrilled to combine with Crosby to provide best-in-class products, solutions, and services for customers worldwide. As stated above, the two organizations share an unwavering commitment to quality, exceptional service, safety, and innovation.

We believe this shared commitment will bring significant additional value to our combined distribution customers, end users, teams, and communities. We will be better resourced, and ultimately better positioned to serve our partners globally through additional investment in products, people, and facilities. Together, the companies will be able to accelerate innovation through increased investment in new product development and enable end users to achieve higher levels of efficiency and safety through enhanced technical, application, and training support from a combined business.

As mentioned, until closing, KITO and Crosby will continue to be separate, independent businesses and so it is very much business asusual. There is no change to your KITO points of contact, pricing, or programs.

Thank you for your continued support and partnership and we look forward to embarking on this next exciting chapter together.

Yoshio KITO - CEO Ned Hunter- COO

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