NEWS RELEASE

CONTACT:
Robert L. Montgomery, Jr.
Executive Vice President and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5405


  COLUMBUS McKINNON RETAINS BEAR, STEARNS & CO. INC. TO ADVISE IT ON STRATEGIC
                   ALTERNATIVES TO MAXIMIZE SHAREHOLDER VALUE

         AMHERST,  N.Y.,  January  11,  2000 --  Columbus  McKinnon  Corporation
(Nasdaq:CMCO),  a leading global  manufacturer and supplier of material handling
products and solutions, announced today that it has retained Bear, Stearns & Co.
Inc.  to advise it on  strategic  alternatives  to maximize  shareholder  value,
including a sale or merger of the Company.

Timothy T. Tevens,  President and Chief Executive  Officer of Columbus  McKinnon
commented,  "In taking this action,  management and the Board believe that there
is significant value in CM's business that is not reflected in our current share
price.  Therefore,  we are evaluating  alternatives  to realize the  substantial
value of our Products and  Solutions -  Industrial  segments,  which hold strong
market share and brand leadership while  contributing  most of CM's consolidated
sales and earnings and  generating  significant  cash flow. In addition,  we are
continuing with our previously  announced plan to explore  strategic options for
our Solutions - Automotive segment (Automatic Systems Inc.)."

Tevens  continued,  "We have  retained  Bear  Stearns as a financial  advisor to
assist us in  conducting  an orderly and thorough  evaluation of all our options
for  maximizing  shareholder  value and will move  ahead  with this  coordinated
initiative as expeditiously as possible."

                                   -- more --



Columbus  McKinnon  Corporation  is  a  broad-line  designer,  manufacturer  and
supplier of sophisticated  material  handling  products and integrated  material
handling systems that are widely  distributed to industrial and consumer markets
worldwide.  Those items that  reflect the highest  sales of Columbus  McKinnon's
Products segment are hoists, steel welded chain and attachments,  and industrial
components. Integrated material handling solutions are systems that are designed
to meet  specific  applications  of end users to increase  productivity  through
material handling.  Comprehensive  information on Columbus McKinnon is available
on its Web site at http://www.cmworks.com/

This press release contains "forward looking  statements"  within the meaning of
the Private Securities  Litigation Reform Act of 1995. Such statements  include,
but are not limited to,  statements  concerning  future  revenues and  earnings,
involve  known and unknown  risks,  uncertainties  and other  factors that could
cause the actual  results of the Company to differ  materially  from the results
expressed or implied by such statements, including general economic and business
conditions,  conditions  affecting the industries  served by the Company and its
subsidiaries,  conditions  affecting  the  Company's  customers  and  suppliers,
competitor responses to the Company's products and services,  the overall market
acceptance  of such products and  services,  and other factors  disclosed in the
Company's periodic reports filed with the Securities and Exchange Commission.

                                       ###