Contact:  Robert L. Montgomery, Jr.
                                                     (716) 689-5400

FOR IMMEDIATE RELEASE


                COLUMBUS MCKINNON ADOPTS SHAREHOLDERS RIGHTS PLAN



Amherst, N.Y., October 27, 1997, -- Columbus McKinnon Corporation  (NASDAQ:CMCO)
announced  today that its Board of Directors has adopted a  Shareholders  Rights
Plan  designed to deter  coercive or unfair  takeover  tactics and to prevent an
acquiror from gaining control of the corporation  without  offering a fair price
to all shareholders.

According to President and Chief Executive  Officer,  Herbert P. Ladds, Jr., the
action is being taken in accordance  with Columbus  McKinnon's  goal of building
long-term value for its public  shareholders;  Columbus McKinnon is not aware of
any effort being contemplated to acquire control of the corporation.

Details of the  Shareholders  Rights Plan are outlined in a letter which will be
mailed to all Columbus McKinnon  shareholders.  Under the Plan,  Preferred Stock
Purchase  Rights will be  distributed as a dividend at the rate of one Right for
each share of Common Stock held as of the close of business on November 10,
1997.

The Rights will expire at the close of business on November 10, 2007.

Each Right will entitle the holder to buy one  one-hundredth  of a  newly-issued
share of Columbus McKinnon Corporation Series A Junior  Participating  Preferred
Stock at an exercise price of $80.00.

The  Rights  will  detach  from  the  Common  Stock  and will  initially  become
exercisable  for such shares of  Preferred  Stock if a person or group  acquires
beneficial  ownership  of, or  commences a tender or exchange  offer which would
result in such  person or group  beneficially  owning,  15% or more of  Columbus
McKinnon's  Common  Stock,  except  through a tender or  exchange  offer for all
shares which the Board  determines to be fair and otherwise in the best interest
of Columbus McKinnon and its shareholders.  The Rights will also detach from the
Common  Stock if the  Board  determines  that a person  holding  at least 15% of
Columbus McKinnon's Common





Stock intends to cause the corporation to take certain actions adverse to it and
its  shareholders or that such holder's  ownership would have a material adverse
effect on Columbus McKinnon.

If any person becomes the beneficial owner of 15% or more of Columbus McKinnon's
Common  Stock  (except  through such an offer which the Board  determines  to be
fair) and the Board of Directors does not within 10 days  thereafter  redeem the
Rights,  or if such a 15%  holder is  determined  by the Board to be an  adverse
person,  each Right not owned by such person or related parties will then enable
its holder to purchase,  at the Right's  then-current  exercise price,  Columbus
McKinnon Common Stock (or, in certain  circumstances as determined by the Board,
a combination  of cash,  property,  common stock or other  securities)  having a
value of twice the Right's exercise price.

Under  certain  circumstances,  if Columbus  McKinnon is acquired in a merger or
similar  transaction  with another person,  or sells more than 50 percent of its
assets,  earning power or cash flow to another  entity,  each Right that has not
previously  been exercised  will entitle its holder to purchase,  at the Right's
then-current exercise price, common stock of such other entity having a value of
twice the Right's exercise price.

Columbus  McKinnon  will  generally be entitled to redeem the Rights at $.01 per
Right at any time until the 10th day following  public  announcement  that a 15%
position has been acquired, or until the Board has determined a 15% holder to be
an adverse person.  Prior to such time, the redemption period may be extended by
the Board of Directors.

Columbus McKinnon  Corporation,  headquartered in the Buffalo suburb of Amherst,
New York,  designs, manufactures and sells a variety of productivity  enhancing,
lifting and positioning products.