UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
                                    FORM 11-K

/X/  ANNUAL REPORT  PURSUANT TO SECTION 15(d) OF THE SECURITIES  EXCHANGE ACT OF
     1934 [NO FEE REQUIRED]

          For the fiscal year ended March 31, 2001

/ /  TRANSITION  REPORT  PURSUANT TO SECTION 15(d) OF THE SECURITIES  EXCHANGE
     ACT OF 1934 [NO FEE REQUIRED]

          For the transition period from        to

                    Commission file number

A.   Full title of the plan and the address of the plan, if different  from that
     of the issuer named below:

                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan
                       Restatement Effective April 1, 1989

B.   Name of issuer of the securities  held pursuant to the plan and the address
     of its principal executive office:

                          COLUMBUS McKINNON CORPORATION
                         140 John James Audubon Parkway
                             Amherst, NY 14228-1197



















<PAGE>


























FINANCIAL STATEMENTS AND SCHEDULES

Columbus McKinnon Corporation Employee Stock Ownership Plan
Years ended March 31, 2001 and 2000 with Report of Independent Auditors



















<PAGE>



                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan

                       Financial Statements and Schedules

                       Years ended March 31, 2001 and 2000




                                    CONTENTS

Report of Independent Auditors ..............................................1

Financial Statements

Statements of Net Assets Available for Benefits..............................2
Statements of Changes in Net Assets Available for Benefits...................3
Notes to Financial Statements................................................4

Schedules

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)............10
Schedule H, Line 4(j) - Schedule of Reportable Transactions.................11






















<PAGE>

                         Report of Independent Auditors

The Pension Committee
Columbus McKinnon Corporation
 Employee Stock Ownership Plan

We have audited the accompanying statements of net assets available for benefits
of the Columbus McKinnon  Corporation  Employee Stock Ownership Plan as of March
31, 2001 and 2000, and the related statements of changes in net assets available
for  benefits  for the years then  ended.  These  financial  statements  are the
responsibility  of the ESOP's  management.  Our  responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the net assets  available  for benefits of the Columbus
McKinnon  Corporation  Employee Stock Ownership Plan at March 31, 2001 and 2000,
and the  changes in its net assets  available  for  benefits  for the years then
ended in conformity with accounting  principles generally accepted in the United
States.

Our audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying  supplemental  schedules of assets
(held at end of year) as of March 31, 2001, and reportable  transactions for the
year then ended, are presented for purposes of additional analysis and are not a
required  part of the financial  statements  but are  supplementary  information
required by the  Department of Labor's Rules and  Regulations  for Reporting and
Disclosure  under the Employee  Retirement  Income  Security Act of 1974.  These
supplemental  schedules are the  responsibility  of the Plan's  management.  The
supplemental schedules have been subjected to the auditing procedures applied in
our audits of the financial statements and, in our opinion, are fairly stated in
all material respects in relation to the financial statements taken as a whole.

                                                   /S/ ERNST & YOUNG LLP

Buffalo, New York
May 25, 2001

                                                                              1
<PAGE>

<TABLE>
<CAPTION>

                                                             Columbus McKinnon Corporation
                                                             Employee Stock Ownership Plan

                                                    Statements of Net Assets Available for Benefits


                                                  MARCH 31, 2001                                      MARCH 31, 2000
                                  -------------------------------------------------------------------------------------------------
                                    ALLOCATED      UNALLOCATED        TOTAL            ALLOCATED       UNALLOCATED         TOTAL

ASSETS

<S>                               <C>              <C>             <C>               <C>               <C>              <C>
Investment in sponsor company
 common stock, at fair value ...  $ 7,452,438      $ 3,943,963     $11,396,401       $11,675,409       $ 7,961,087      $19,636,496
Investment in stable asset
 fund, at fair value ...........      133,397                -         133,397           110,966                 -          110,966
Receivables:
 Employer contributions ........       34,929           25,860          60,789                 -            10,573           10,573
 Interest ......................        2,676                -           2,676             2,631                 -            2,631
Cash ...........................        2,101                -           2,101             4,544                 -            4,544
                                  -------------------------------------------------------------------------------------------------
Total assets ...................  $ 7,625,541      $ 3,969,823     $11,595,364       $11,793,550       $ 7,971,660      $19,765,210
                                  -------------------------------------------------------------------------------------------------

LIABILITIES

Interest payable ...............            -            25,860         25,860                 -            10,573           10,573
Loans payable ..................            -         8,527,301      8,527,301                 -         9,516,651        9,516,651
                                  -------------------------------------------------------------------------------------------------
Total liabilities ..............            -         8,553,161      8,553,161                 -         9,527,224        9,527,224
                                  -------------------------------------------------------------------------------------------------
Net assets available (deficit)
 for plan benefits .............  $ 7,625,541       $(4,583,338)   $ 3,042,203       $11,793,550       $(1,555,564)     $10,237,986
                                  =================================================================================================
</TABLE>


SEE ACCOMPANYING NOTES.





                                                                              2
<PAGE>

<TABLE>
<CAPTION>


                                                               Columbus McKinnon Corporation
                                                               Employee Stock Ownership Plan

                                                 Statements of Changes in Net Assets Available for Benefits


                                                  MARCH 31, 2001                                      MARCH 31, 2000
                                            ---------------------------------------------------------------------------------------
                                    ALLOCATED      UNALLOCATED        TOTAL            ALLOCATED       UNALLOCATED         TOTAL

<S>                               <C>             <C>             <C>               <C>               <C>              <C>
Investment (loss) income:
 Net unrealized depreciation in
   fair value of investments ...  $(3,946,992)    $ (3,794,966)   $ (7,741,958)     $ (4,493,413)     $ (6,086,506)    $(10,579,919)
 Dividends .....................      246,335          175,192         421,527           229,970           206,049          436,019
 Interest ......................        8,639                -           8,639             4,346                 -            4,346
Employer contributions .........       34,929        1,456,565       1,491,494                 -         1,444,861        1,444,861
                                  -------------------------------------------------------------------------------------------------
Total investment loss ..........   (3,657,089)      (2,163,209)     (5,820,298)       (4,259,097)       (4,435,596)      (8,694,693)
                                  -------------------------------------------------------------------------------------------------
Interest expense ...............            -          864,565         864,565                 -           852,861          852,861
Distributions to participants ..      491,625                -         491,625         1,825,572                 -        1,825,572
Transfer to other qualified plan       14,896                -          14,896            65,958                 -           65,958
Administrative expense .........        4,399                -           4,399             7,165                 -            7,165
                                  -------------------------------------------------------------------------------------------------
Total deductions ...............      510,920          864,565       1,375,485         1,898,695           852,861        2,751,556
                                  -------------------------------------------------------------------------------------------------
Net decrease ...................   (4,168,009)      (3,027,774)     (7,195,783)       (6,157,792)       (5,288,457)     (11,446,249)
Net assets (deficit) available
 for benefits:
Beginning of year ..............   11,793,550       (1,555,564)     10,237,986        17,951,342         3,732,893       21,684,235
                                  -------------------------------------------------------------------------------------------------
End of year ....................  $ 7,625,541     $ (4,583,338)   $  3,042,203      $ 11,793,550      $ (1,555,564)    $ 10,237,986
                                  =================================================================================================
</TABLE>


SEE ACCOMPANYING NOTES.





                                                                              3
<PAGE>

                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan

                          Notes to Financial Statements

                             March 31, 2001 and 2000

1. DESCRIPTION OF THE PLAN

The Columbus  McKinnon  Corporation  Employee Stock  Ownership Plan (ESOP or the
Plan), is a defined contribution employee stock ownership plan and a stock bonus
plan within the meanings of the applicable sections of the Internal Revenue Code
of 1986, as amended.  It is also an eligible  individual account plan as defined
in the applicable section of the Employee Retirement Income Security Act of 1974
(ERISA).  Refer to the Plan  Document  or the  Summary  Plan  Description  for a
complete description of the ESOP's provisions.

The  Plan  covers  all  domestic   non-union   employees  of  Columbus  McKinnon
Corporation (the Company/CMC),  of Yale Industrial Products, Inc., and Automatic
Systems,  Inc.,  subsidiaries  of the  Company.  The Plan was  amended to extend
coverage to all  domestic  non-union  employees  of  Abell-Howe  Crane,  Inc., a
subsidiary of the Company,  effective  September 1, 1999;  Washington  Equipment
Company,  a subsidiary of the Company,  effective  January 1, 2000;  and Gaffey,
Inc. and Handling Systems and Conveyors, Inc., subsidiaries of GL International,
which in turn is a subsidiary of the Company, effective January 1, 2000.

In accordance  with the Plan  document,  employees who have attained 55 years of
age and ten years of  participation in the Plan have the option to diversify the
investments in their stock  accounts by selling a specified  percentage of their
shares at the current market value and transferring the sale proceeds to another
defined  contribution plan maintained by the Company.  In 2001, $14,896 has been
transferred to the Company's Thrift 401(k) plan ($65,958 in 2000).

A summary of the ESOP's provisions is as follows:

PARTICIPATION

Substantially all of the Company's domestic non-union  employees are eligible to
participate in the ESOP.








                                                                              4
<PAGE>

                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan

                    Notes to Financial Statements (continued)

1. DESCRIPTION OF THE PLAN (CONTINUED)

ELIGIBILITY

Eligible  employees  must have attained age 21 and completed one year of service
(minimum of 1,000 hours) to be a participant.

CONTRIBUTIONS

Each Plan year (each 12 month period ending March 31) the Company contributes to
the ESOP for each  participant  (a) who is  actively  employed as an employee on
December 31 and who has earned at least 1,000 hours of service as an employee in
the calendar  year ending  December 31, or (b) who  terminates  employment on or
after  January 1 during a plan year after  attaining  age 55 and  completing  at
least five years of eligibility service.  Contributions shall be made in cash or
in shares of stock as  determined  by the  Company,  and need not be made out of
current or accumulated earnings and profits.

VESTING

A participant's account balance shall become fully vested and non-forfeitable on
the date the participant  completes five years of vesting service (excluding any
service  rendered prior to the calendar year in which the  participant  attained
age 18), or if sooner, on the date the participant attains normal retirement age
while in the employ of the Company or any affiliated company.

DISTRIBUTIONS

Upon a vested  participant's  termination,  the value of his/her account will be
distributed  if the  value  of the  account  is  less  than  $5,000  or,  at the
participant's  option,  either  immediately  or  at  any  valuation  date  until
retirement,  as provided in the ESOP. A retiree may elect to defer  distribution
up to 70 1/2 years of age. The account of a  participant  who is not a 5-percent
owner and who has not separated  from service but has attained the age of 70 1/2
will commence  distribution  unless the participant elects to defer distribution
until employment  ceases.  Valuation dates for distributions are September 30 or
March 31.

During 2001,  $491,625 or 36,412 shares, were distributed to vested participants
in the form of stock certificates ($1,825,572,  or 95,108 shares, distributed in
2000).  This  resulted  in the sale of 67  shares  held by the ESOP  back to the
Company for $901 in 2001 as a result of fractional shares (37 shares for $688 in
2000).  As of March  31,  2001,  $329,625  ($238,763  as of March  31,  2000) is
included  in the ESOP  assets for  terminated  participants  who have  requested
distributions.

                                                                              5
<PAGE>

                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan

                    Notes to Financial Statements (continued)


1. DESCRIPTION OF THE PLAN (CONTINUED)

Forfeiture  of a  non-vested  interest  shall  occur  in the  fifth  consecutive
calendar  year  following a break in service.  The  forfeited  accounts  will be
allocated among the accounts of active participants. At March 31, 2001, the ESOP
assets include $15,740  ($169,782 at March 31, 2000) of undistributed  forfeited
accounts.

ALLOCATION TO PARTICIPANT ACCOUNTS

As of each March 31 valuation date, each  participant  account is  appropriately
adjusted to reflect any  contributions or stock to be allocated as of such date,
the income of the trust fund  during the period and the  increase or decrease in
the fair market  value of the trust fund during the period.  The  allocation  of
contributions  is  based  on  the  fraction,  the  numerator  of  which  is  the
participant's   annual  earnings  for  the  preceding   calendar  year  and  the
denominator of which is the aggregate  annual earnings for such calendar year of
all participants entitled to an allocation.

DIVIDENDS

Dividends  paid on stock  allocated  to a  participant's  stock  account will be
allocated to the  participant's  nonstock  account.  The pension  committee  may
direct that such dividends shall be either (a) paid directly to the participant,
former  participant,  or beneficiary  within 90 days after the close of the plan
year in which such  dividend  was paid,  or (b) applied as payment on the exempt
loans. Dividends paid on unallocated stock held by the trustee and acquired with
the proceeds of an exempt loan shall be held by the trustee until the end of the
plan year in which it was paid,  and then,  along with any interest or earnings,
be applied as payment on the exempt loans which shall trigger a release of stock
from the suspense account.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
that affect the amounts  reported in the financial  statements and  accompanying
notes. Actual results could differ from those estimates.

                                                                              6
<PAGE>


                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan

                    Notes to Financial Statements (continued)

3. PLAN TERMINATION

The Company intends to continue the ESOP indefinitely, but reserves the right to
terminate  the Plan at any time.  If the ESOP is  terminated,  each  participant
shall be fully and nonforfeitably vested in his interest in the ESOP trust fund.

4. INVESTMENTS

At March 31, 2001 and 2000, the assets of the ESOP Plan consist of 1,458,646 and
1,496,114,  respectively,  shares of CMC common  stock and  13,140  and  10,164,
respectively,  shares  of a stable  asset  fund  with  Fleet  Bank.  The  ESOP's
investment  in CMC common stock is reported at fair market value as of March 31,
2001 and 2000 based on quoted market prices.  The investment in the stable asset
fund is also reported at fair market value as determined by open trading.

5. LOANS PAYABLE AND SHARE RELEASE

On October 27, 1994, the ESOP obtained  $6,000,000 of new debt  ($2,000,000 from
HSBC and  $4,000,000  from Fleet  Bank).  The Fleet loan is payable in quarterly
installments of $103,000  through January 2002, and $406,880 in April 2002, plus
interest at a Eurodollar  rate based upon LIBOR plus a spread  determined by the
Company's  leverage  ratio  (8.51%  and  8.18%  at  March  31,  2001  and  2000,
respectively).  The HSBC loan is payable in  quarterly  installments  of $45,000
through  January 2002, and $156,891 in April 2002, plus interest at a Eurodollar
rate based upon LIBOR plus a spread  determined by the Company's  leverage ratio
(8.51% and 8.18% at March 31, 2001 and 2000, respectively).

On October 13, 1998, the ESOP obtained  $7,682,281 of new debt from the Company.
The CMC loan is payable in quarterly installments of interest only through April
2002, and thereafter  quarterly  installments of $150,000 through July 2014, and
$21,529 in October 2014, plus interest at the prime rate (8.0% and 9.0% at March
31, 2001 and 2000, respectively).

In October 1994 and October 1998, the ESOP purchased 609,144 and 479,900 shares,
respectively,  of common stock of the Company with the debt proceeds, which were
recorded  by the  trustee  in the  suspense  account.  Such  stock  ceases to be
collateral and is released from the suspense account as the loans are repaid. In
each year  prior to full  payment  of the  loans,  the number of shares of stock
released will equal the number of shares of stock held as collateral immediately
before the release for such plan year multiplied by the release fraction.

                                                                              7
<PAGE>

                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan

                    Notes to Financial Statements (continued)


5. LOANS PAYABLE AND SHARE RELEASE (CONTINUED)

The  loans,  which are  guaranteed  by the  Company,  are  collateralized  by an
equivalent  number of  shares of common  stock  recorded  by the  trustees  in a
suspense account.

Maturities of loans payable are as follows:

         2002                                             $   592,000
         2003                                               1,013,771
         2004                                                 600,000
         2005                                                 600,000
         2006                                                 600,000

The  numerator of the release  fraction is the amount of principal  and interest
payments  made toward the loan during the plan year and the  denominator  is the
sum of the numerator plus the principal and interest  payments to be made on the
loan in the future,  using the interest  rate  applicable at the end of the plan
year.  Shares of stock released from the suspense  account for a plan year shall
be held in the trust on an  unallocated  basis  until  allocated  by the pension
committee  as of the  last  day of that  plan  year.  That  allocation  shall be
consistent  with  the  method  for  allocating  contributions  to  participants'
accounts,  which is based on a fraction of each  participant's  annual  earnings
during the preceding  calendar year to the total earnings of those  participants
during such calendar  year.  The  allocation of shares  released  resulting from
dividends  on  participants'  allocated  shares,  however,  was  based  upon the
fraction of each participant's allocated shares to the total number of allocated
shares.

As of March  31,  2001,  504,795  shares  were held as  collateral  for the loan
(606,559  shares held as of March 31, 2000);  101,764  shares were released from
the suspense  account in 2001 (101,821  shares  released in 2000).  These shares
were allocated to participant accounts as of March 31, 2001.








                                                                              8
<PAGE>

                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan

                    Notes to Financial Statements (continued)


6. TAX STATUS

The Plan has received a determination  letter from the Internal  Revenue Service
dated July 28, 1997,  stating that the Plan is qualified under Section 401(a) of
the Internal Revenue Code of 1986 (the "Code") and, therefore, the related trust
is exempt  from  taxation.  Once  qualified,  the Plan is required to operate in
conformity  with the Code to maintain  its  qualification.  The Plan was amended
subsequent to the IRS determination letter. The Plan Administrator  believes the
Plan is being  operated in compliance  with the applicable  requirements  of the
Code and,  therefore,  believes that the Plan is qualified and the related trust
is tax exempt.






























                                                                              9
<PAGE>
























                                    Schedules
























<PAGE>


                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan
                                 EIN: 16-0547600
                                  Plan No. 016
<TABLE>
<CAPTION>

        Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)

                                 March 31, 2001

IDENTITY OF ISSUE      DESCRIPTION OF INVESTMENT         COST     CURRENT VALUE
-------------------------------------------------------------------------------

<S>                    <C>                          <C>            <C>
Columbus McKinnon      Employer Common Stock,
   Corporation*          1,458,646 shares           $ 15,565,314   $ 11,396,401

Fleet Investment       Stable Asset Fund
   Services*             13,140 shares                   133,397        133,397

</TABLE>

* Parties-in-interest























                                                                             10
<PAGE>

                          Columbus McKinnon Corporation
                          Employee Stock Ownership Plan
                                 EIN: 16-0547600
                                  Plan No. 016
<TABLE>
<CAPTION>

           Schedule H, Line 4(j) - Schedule of Reportable Transactions

                        For the year ended March 31, 2001



                                                                                                  Current Value
    Identity of              Description           Purchase        Selling          Cost           of Asset on           Net
   Party Involved             of Assets             Price           Price         of Asset       Transaction Date     Gain (Loss)
---------------------------------------------------------------------------------------------------------------------------------

CATEGORY (III) - SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS
----------------------------------------------------------------------

<S>                       <C>                     <C>             <C>              <C>              <C>                   <C>
Fleet National Bank*      Stable Asset Fund       $ 429,597       $       -        $ 429,597        $ 429,597             N/A
                                                          -         438,941          438,941          438,941               -


There were no category (i), (ii) or (iv) transactions during the year.

</TABLE>

*Parties-in-interest

















                                                                             11
<PAGE>



                                   SIGNATURES

          The Plan.  Pursuant to the requirements of the Securities Exchange Act
of 1934,  the trustees (or other  persons who  administer  the employee  benefit
plan)  have duly  caused  this  annual  report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                         COLUMBUS McKINNON CORPORATION

                                         EMPLOYEE STOCK OWNERSHIP PLAN
                                         RESTATEMENT EFFECTIVE APRIL 1, 1989




                                         By: /S/ TIMOTHY R. HARVEY
                                             --------------------------
                                             Timothy R. Harvey, Trustee


                                             /S/ KAREN L. HOWARD
                                             -----------------------------
                                             Karen L. Howard, Trustee


                                             S/ ROBERT L. MONTGOMERY, JR.
                                             ------------------------------
                                             Robert L. Montgomery, Jr., Trustee


                                             /S/ ROBERT H. MYERS
                                             ----------------------------
                                             Robert H. Myers, Trustee













<PAGE>

                         CONSENT OF INDEPENDENT AUDITORS

We consent to the  incorporation by reference in (a) the Registration  Statement
(Form S-8 No.  333-3212)  pertaining to the Columbus  McKinnon  Corporation 1995
Incentive  Stock Option Plan, the Columbus  McKinnon  Corporation  Non-Qualified
Stock Option Plan, the Columbus McKinnon  Corporation  Restricted Stock Plan and
the Columbus  McKinnon  Corporation  Employee Stock  Ownership Plan  Restatement
Effective  April  1,  1989  of  Columbus   McKinnon   Corporation  and  (b)  the
Registration  Statement  (Form  S-8 No.  333-81719)  pertaining  to the  Options
assumed by  Columbus  McKinnon  Corporation  originally  granted  under the G.L.
International Inc. 1997 Stock Option Plan and the Larco Industrial Services Ltd.
1997 Stock  Option Plan of our report  dated May 25,  2001,  with respect to the
financial statements and schedules of the Columbus McKinnon Corporation Employee
Stock  Ownership  Plan  included in this Annual  Report (Form 11-K) for the year
ended March 31, 2001.

                                             /S/ ERNST & YOUNG LLP

Buffalo, New York
June 26, 2001