Manitex International, Inc. Announces Launch of New CD4415 Rough Terrain Crane
Dual-Branded Badger and Manitex Offering Extends Manitex International's Niche Market Product Line
$1 Million in Initial Orders Slated for Q4 2012 Delivery
BRIDGEVIEW, Ill., Oct. 15, 2012 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts, special mission oriented vehicles, container handling equipment and specialized engineered trailers today announced that it has launched a new product, the CD4415 Rough Terrain Crane, which can be configured to serve a variety of industrial niche end-markets including the oil, gas, and mining applications and is being distributed through equipment dealers as well as rental fleets. At its launch, initial dealer orders have been taken, in the aggregate of approximately $1 million, for the CD4415 Rough Terrain cranes, with configurations specifically designed for use in the refinery sector, and initial deliveries are scheduled for the fourth quarter of 2012.
Ed Samera, General Manager of Badger Equipment, commented, "This new product launch extends our offering further into the energy sector, an industry which has been a huge driver of Manitex International's growth in the last 12 to 18 months, and is in direct response to our customer demand. The features of this new crane include four-wheel drive and four-wheel steering, multiple boom configurations, highly visible, ergonomically engineered two-door cab with joystick controls, and integrated safety features, such as steps and handrails, which are features in high demand by our dealers in today's marketplace. The CD4415 has a 15-ton rating at a 10-foot (3.0 m) working radius, maximum boom length of 62.5 feet (19 m) and maximum tip height of 85.5 feet (21.6 m), which makes it ideal for use when a 15-ton capacity is required and operating within a fairly tight space. We believe that there is an installed base of at least $100 million in aging and underperforming equipment currently in service at US refineries, and our entry into this market with new equipment and replacement parts will be the initial focus of our marketing efforts. We also believe that new geographic and end-user markets offer incremental opportunities to expand the Manitex footprint with this new crane."
The Company sponsored a launch event at the Badger Equipment, Winona, Minnesota facility from Monday, October 8 through Friday, October 12. At this event, Badger Equipment dealers, Manitex dealers, dealer customers, suppliers, and media were given the opportunity to experience the CD4415's unveiling and presentation, and take a tour of the Badger Equipment factory, which has been part of Manitex International's operations since its acquisition in 2009.
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, and our own Manitex product line. 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 lifting and construction equipment of various ages and conditions, and has the capability to refurbish the equipment to the customer's specifications.
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE Manitex International, Inc.