KITO Americas Inc., parent company of Manheim-based Harrington Hoists Inc., announced it has a stock purchase agreement in place with Westview Capital Partners II LP to purchase all shares of Peerless Industrial Group Inc.
Harrington Hoists Inc. operates Harrington Hoists and Cranes at 401 W. End Ave. The companies are subsidiaries of Japanese company KITO Corp.
Harrington provides powered and manual overhead lifting products, while Peerless is North America’s top manufacturer and distributor of chain and chain products, KITO officials said in a news release.
Combined, KITO officials said the brands will give access to a much wider variety of products and allow for expansion of the Peerless brand.
The final closing of the sale is expected in late August.