Manitex International, Inc. Announces $30 Million Contract Award for Specialized Military Equipment Initial Deliveries Expected in Late 2015-Early 2016
BRIDGEVIEW, Ill., Aug. 5, 2014 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading international provider of cranes and specialized material and container handling equipment, today announced that its Manitex Liftking subsidiary has been awarded its third military contract for specialized military specification equipment from the US Navy for orders valued at approximately $30 -$45 million over the next five years.
Similar to previous contract awards from the Navy, this lift-truck will require some engineering and custom configurations, and a thorough performance testing protocol, including EMI and Hi-Shock testing, and the timeline for first deliveries is projected as either late 2015 or early 2016. Along with the contract, Manitex received firm orders for approx. $4.7M that will be additive to our order book. This award from the US Navy brings the value of contracts for deliveries in the next five years secured by Manitex Liftking in the past fourteen months for six different truck models with a range of $75M to $125M in total value.
Mark Aldrovandi, Director of Sales for Manitex Liftking commented, "We are proud to be a supplier of choice to the US Navy for material handling equipment, and look forward to delivering the rugged and durable lift-trucks they count on to handle their critically important logistical support and transport activities."
Jeff Cockerton, General Manager for Manitex Liftking added, "We are very excited to get this order from the US Navy, which is among the world's leading military organizations, and maintains very stringent and demanding product specifications to support their operations in the field. With this third contract award we have a very solid level of military business for our Canadian facility that will provide a foundational platform for our growth over the next five years. Our business with this important customer continues to grow, and we always look forward to the opportunity to contribute to the safety, security, and success of our country's and our allies' servicemen, here and abroad."
About Manitex International, Inc.
Manitex International, Inc. designs, manufactures and markets a portfolio of highly engineered and customizable lifting, material and container handling equipment, spanning boom truck, telescopic, rough terrain and industrial cranes, reach stackers and associated container handling equipment, rough terrain forklifts, mobile liquid and solid containment solutions, and specialized trailers and mission oriented vehicles, including parts support. We have accumulated nearly a dozen brands since going public in 2006 and operate internationally through eight subsidiaries with design and manufacturing facilities in the USA, Canada and Italy.
Manitex Inc., in Georgetown, TX, manufactures a comprehensive line of boom truck and telescopic cranes and sign cranes , primarily used in industrial projects, energy exploration and infrastructure development, including roads, bridges, and commercial construction. Badger Equipment Company, in Winona, MN, manufactures specialized rough terrain and industrial cranes and 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. 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 as well as specialized carriers, heavy material handling transporters and steel mill equipment. Manitex Liftking's rough terrain forklifts are used in commercial applications and by the world's largest military and peace keeping organizations. 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. Manitex Sabre based in Knox, Indiana, builds mobile specialized tanks for liquid storage and containment solutions for a variety of end markets such as petrochemical, waste management and oil and gas drilling. Manitex Valla located in Piacenza, Italy, manufactures a full range of mobile precision pick and carry cranes from 2 to 90 tons, using electric, diesel, and hybrid power options with configurable special applications designed specifically to meet the needs of its customers.
Our Crane and Machinery division is a Chicago based distributor of cranes including Terex truck and rough terrain cranes, PM knuckle boom cranes and our own Manitex International brands. Crane and Machinery provides aftermarket 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 and refurbished lifting and construction equipment of various ages and conditions as well as operating a rental fleet of equipment to the Tri-state area.
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SOURCE Manitex International, Inc.