Manitex International Expands Military and International Presence With $5 million of New Orders
New International Military customers place $1.9 Million in Orders
CVS Ferrari Re-enters Brazilian Ports Market With $3.1 Million Order
BRIDGEVIEW, Ill., July 25, 2011 /PRNewswire/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts, container handling equipment and special mission oriented vehicles, today announced that its Manitex Liftking subsidiary was recently awarded orders valued at approximately $1.9 million for specialized material handling equipment from two new international military customers, one of which is the Royal Australian Air Force. These orders increase the number of international agency and military customers supplied by Liftking to eleven, including the US, Canada, UK, Spain, China, Australia and Saudi Arabia. Additionally, Manitex International's Italian subsidiary, CVS Ferrari srl, recently secured orders for $3.1 million of reach stacker equipment from a port operator in Brazil marking its return to this vibrant and growing market. The large majority of these orders will ship before the end of the year.
Commenting on the Manitex Liftking orders, Mark Aldrovandi, who is responsible for Manitex Liftking's military, governmental and international agency sales, said, "Our long and successful track record of supplying mission critical equipment, designed, tested and efficiently performing to the military's rigorous requirements and extreme operating conditions, was a key factor in securing these new orders. With testing completed on our own test track located at our Toronto facility, we are able to perform detailed performance evaluations to tight deadlines, and provide rapid turnaround and delivery, Additionally, notwithstanding the inherently unpredictable ordering pattern of military customers in general, we believe there is a current built up demand for our product in the field, and we expect that these orders are a precursor for more to follow this year."
The CVS Ferrari orders represent an important re-emergence to a market that historically had been very strong for the CVS product. The new direction implemented by Manitex and CVS Ferrari supported by Porto Brazil, a newly appointed dealer in Sao Paolo, Brazil, has emphasized newly enhanced service, support and prompt delivery. These factors combined with the technical attributes of the CVS Ferrari reach stacker led directly to securing these orders.
Stefano Mercati, General Manager of CVS Ferrari srl commented, "From the time Manitex took control of the CVS business approximately one year ago, a key focus for our sales and marketing efforts has been to regain our presence in the very active Brazilian port operations with their increasing levels of activity and investment. These orders demonstrate that the Brazilian market has recognized that CVS's products and support are highly competitive, and offer customers a superior package for their highly demanding requirements. This market has great potential, and with the existing substantial CVS population of almost two hundred units in the field, we believe our reemergence in this market with new operations, and initiatives, presents us with a very attractive opportunity going forward."
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.
Forward-Looking Statement
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.
Company Contact |
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Manitex International, Inc. |
Hayden IR |
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David Langevin |
Peter Seltzberg |
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Chairman and Chief Executive Officer |
Investor Relations |
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(708) 237-2060 |
(646) 415-8972 |
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SOURCE Manitex International, Inc.
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