Columbus McKinnon Corporation Completes Sale of Positech Division

             Maker of Manipulators Sold to Positech Management Group

AMHERST,   N.Y.,   Jan.   29   /PRNewswire-FirstCall/   --   Columbus   McKinnon
Corporation(NASDAQ-NMS:CMCO)  (Nasdaq:  CMCO)  today  announced  the sale of its
Positech  division,  a  leading  manufacturer  of  industrial  manipulators  and
positioning products, to a management group led by Peter Hong, current President
of Positech,  for $2.0 million in cash.  The proceeds of sale will be applied to
debt reduction.

         For the 12 months ended December 29, 2003,  Positech  contributed sales
of $5.3 million to Columbus McKinnon's  consolidated net sales of $442.2 million
and negative operating income of ($0.6) million. Columbus McKinnon will record a
pre-tax  charge of $2.3  million as a loss on the sale of Positech in its fiscal
2004 fourth quarter which will end on March 31, 2004.

         Timothy T. Tevens,  Columbus  McKinnon  President  and Chief  Executive
Officer  commented,  "As a  manufacturer  of  highly  engineered  products  with
specialized  applications,  Positech  is a  solutions-type  business  and we are
focusing our energies and resources on our material  handling  products business
which  makes up over 85% of  Columbus  McKinnon's  sales.  This  divestiture  is
consistent with our previously  announced plan to evaluate the sale of some less
synergistic  businesses to focus on our core  products  business and to generate
cash for further debt reduction.  We continue to evaluate the sale of additional
businesses and surplus properties and will report on these sales as they occur."

         Positech  is based in  Laurens,  Iowa.  The new  management  group will
operate the  facility as American  Handling  Systems,  Inc.  and  Positech's  64
employees  will become  employees  of the new  company,  which will  continue to
operate in its Laurens, Iowa facility.

         Fleet M&A Advisors acted as financial  advisor to Columbus  McKinnon on
the divestiture.

         Columbus McKinnon is a leading  worldwide  designer and manufacturer of
material  handling   products,   systems  and  services  which  efficiently  and
ergonomically  move,  lift,  position or secure  material.  Key products include
hoists,  cranes,  chain and  forged  attachments.  The  Company  is  focused  on
commercial  and  industrial  applications  that  require  the safety and quality
provided  by  its  superior  design  and  engineering  know-how.   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 revenue 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,  the  Company's  ability  to amend  its debt  covenants  with its
     lenders,  and other  factors  disclosed in the Company's  periodic  reports
     filed with the Securities and Exchange  Commission.  The Company assumes no
     obligation  to update the  forward-looking  information  contained  in this
     release.


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