Manitex International, Inc. Announces $6.2 Million in Orders for New Products
Innovative R&D Efforts Continue to Drive New Product Launches that Expand Markets for Manitex
BRIDGEVIEW, Ill., June 6, 2012 /PRNewswire/ -- Manitex International, Inc. (NASDAQ: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles, announced today that it has received $6.2 million in new orders for CVS and Badger Equipment products. Delivery is scheduled for second half 2012 and first half 2013.
The CVS order is a follow on order from South Africa for a fleet of new terminal tractors (previously announced on April 11, 2012) which now has reached $8 million for a newly launched product with this dealership.
Stefano Mercati, General Manager, CVS, commented, "The CVS brand remains well-trusted by equipment operators and dealers worldwide, and we are excited to continue providing highly customized and configurable lifting solutions to our customers. These terminal tractors are distinguished from other alternatives in the marketplace with their focus on safety, ergonomics and the environment, as well as the latest offerings in diagnostic management control systems and we look forward to continued opportunities to serve this and other customers, globally."
The Badger order is for a new 50155GT 50-ton rubber tracked crane that will be used by an international copper and gold mining company. The order for this crane, which combines the Manitex 50 ton boom and Badger upper crane structure marks the launch of a new product for Badger and Manitex, and adds to the company's specialized crane offerings.
Ed Samera, General Manager, Badger, commented, "This exciting combination of Badger and Manitex engineering is targeted at the niche mining and power line construction and maintenance sectors. The 50155GT addresses specific operating environment challenges faced by much of the mining industry since it is designed to provide higher lifting capacities and perform in the highly challenging, marshy conditions that are typical of much terrain at mining sites. Additionally, the 50155GT can extend its boom to a height of 200 feet and is compliant with stringent Department of Natural Resources requirements. Consequently, we anticipate that this product will also be ideal for use in power line construction and maintenance applications, which is another area that we believe will experience substantial growth during the next several years."
About Manitex International, Inc.
Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, reach stackers and associated container handling equipment, rough terrain forklifts, indoor electric forklifts and special mission oriented vehicles, including parts support.
Our Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network. Our boom trucks and crane products are primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Additionally, Badger Equipment Company, a subsidiary located in Winona, Minnesota, manufactures specialized rough terrain cranes and material handling products. Badger primarily serves the needs of the construction, municipality, and railroad industries. Our Italian subsidiary, CVS Ferrari, srl, designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, which is sold through a broad dealer network. Our Manitex Liftking subsidiary is a provider of material handling equipment including the Noble straight-mast rough terrain forklift product line, Lowry high capacity cushion tired forklift and Schaeff electric indoor forklifts as well as specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking's rough terrain forklifts are used in both commercial and military applications. Our subsidiary, Manitex Load King located in Elk Point, South Dakota is a manufacturer of specialized engineered trailers and hauling systems, typically used for transporting heavy equipment.
Our Crane and Machinery division is a Chicago based distributor of cranes including Terex truck and rough terrain cranes, Fuchs material handlers and our own Manitex product line. Crane and Machinery provides after market service in its local market as well as being a leading distributor of OEM crane parts, supplying parts to customers throughout the United States and internationally. The division also provides a wide range of used lifting and construction equipment of various ages and conditions, and has the capability to refurbish the equipment to the customer's specifications.
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