NEWS RELEASE
CONTACT:
Karen L. Howard
Vice President-Finance and Chief Financial Officer
Columbus McKinnon Corporation
Phone: 716-689-5550
karen.howard@cmworks.com
COLUMBUS MCKINNON NAMES NICHOLAS PINCHUK A DIRECTOR
PRESIDENT OF WORLDWIDE COMMERCIAL AND INDUSTRIAL GROUP, SNAP-ON INCORPORATED
JOINS CMCO BOARD OF DIRECTORS
Amherst, New York, January 31, 2007 - Columbus McKinnon Corporation (NASDAQ:
CMCO), a leading designer, manufacturer and marketer of material handling
products, today announced that its Board of Directors appointed Nicholas T.
Pinchuk, President of the Worldwide Commercial and Industrial Group of Snap-On
Incorporated (NYSE: SNA), a Director of Columbus McKinnon. Mr. Pinchuk, who is
also a Senior Vice President of Snap-On Incorporated, an S&P 500 company and
leading global innovator, manufacturer and marketer of tools, diagnostics and
equipment solutions for professional users, joined Snap-On in 2002. Prior to
that, Mr. Pinchuk served in several executive operational and financial
management positions at United Technologies Corporation, including President,
Global Refrigeration Operations of its Carrier Corporation unit and President of
Carrier's Asia-Pacific Operations. He also served in financial and engineering
managerial staff positions at the Ford Motor Company from 1972 to 1983. Mr.
Pinchuk also held the rank of First Lieutenant in the United States Army from
1970 to 1971. He holds Masters and Bachelor of Science degrees in Electrical
Engineering from Rensselaer Polytechnic Institute and also received a Masters of
Business Administration degree from the Harvard Business School.
Columbus McKinnon President and Chief Executive Officer Timothy T. Tevens
commented, "Nick is an outstanding addition to our Board bringing over 30 years
of executive level financial, strategic, sales and operational experience at
leading multinational manufacturing companies. The Commercial and Industrial
Group he leads at Snap-On sells into markets similar to Columbus McKinnon, where
his perspective will be valuable as we increase our investments in marketing,
product development and channel expansion."
Ernest R. Verebelyi, Chairman of the Board of Columbus McKinnon added,
"Nick's experience and successful track record in Asia-Pacific markets at both
Snap-On and United Technologies will be especially helpful as we continue our
expansion into international markets, particularly the Far East. We look forward
to the many contributions he will make as a Director of Columbus McKinnon."
This appointment follows an extensive search and increases the number of
directors currently serving on Columbus McKinnon's Board of Directors to eight.
Mr. Pinchuk will stand for election by shareholders at the Company's next annual
meeting to be held in the summer of 2007.
ABOUT COLUMBUS MCKINNON
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Columbus McKinnon is a leading worldwide designer, manufacturer and marketer 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.
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SAFE HARBOR STATEMENT
This news 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, and
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 changes in accounting
regulations 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.
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