CMCO - Columbus McKinnon Doing The Heavy Lifting To Build Long-Term Shareholder Value

• Columbus McKinnon is investing in R&D and M&A to upgrade its material handling assortment and play a bigger role in emerging automation opportunities in manufacturing and logistics.
• Dorner is a meaningful step in the right direction, as this manufacturer of precision conveyor systems is not only leveraged to factory and logistics automation, but also new-to-CMCO industry verticals.
• CMCO stayed profitable during this downturn despite sharp volume declines, and should see good operating leverage as demand recovers across multiple end markets in 2021-2022.
• Having significantly outperformed the industrial sector, CMCO doesn't offer the same return potential as before, but a high single-digit prospective long-term return isn't bad compared to most industrials.

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