Manitex International, Inc. Announces Launch of New 70-Ton Crane

BRIDGEVIEW, Ill., May 6, 2013 /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 the official launch of the Company's highest-capacity crane to date, the Manitex TC700. This innovative new product marks the Company's entry into the higher capacity global truck crane market with a lower cost product on a standard truck chassis. The launch is being held today at the Manitex 25th Anniversary Dealer Appreciation Event at the Company's headquarters in Georgetown, Texas. Initial orders from several dealers have been received and deliveries are expected to commence in the second half of 2013.

Paul Gibson, General Manager for the Company's Manitex Inc. subsidiary said, "The TC700 is our most technologically advanced crane to date, with features that enable greater efficiency and comfort to the operator, allows the final customer to select a commercial chassis, and ultimately offers very attractive economics to the dealer. Developed collaboratively with our launch customers, the Manitex TC700 is targeted to address specific applications as well as the continuing general demand for higher capacity cranes, and with a global market estimate of 1500 units per year, we see an opportunity here for a highly successful new product launch."

The CE-compliant TC700 was designed for global markets, and can be configured to mount on trucks manufactured around the globe with 12 or 24 volt electrical systems. The sub frame of the machine is designed to be compatible with varying truck chassis rails and widths, enabling the crane to be shipped internationally and installed on locally manufactured 8x4 chassis.  Five- and six-axle factory installed configurations will be available to the North American market.  Additional features of the new TC700 include:

• 70-ton capacity at 8 ft. radius
• 115 ft. (38.1m) main boom length
• 185 ft. (56.4m) maximum tip height with optional 2-piece jib
• 15,000 lbs. (6804 kg) bare drum line pull rating
• Optional lattice jib base with offsets of  0° / 20° / 40°
• CE Compliant

David Langevin, Chairman and CEO of Manitex International commented, "We are very proud of the innovation that has come from our Manitex team, as we have again introduced a product that provides dealers with an opportunity to significantly increase their ROI on the cranes they sell.  This is the largest crane we have ever built, and we expect a healthy dealer demand across a multitude of geographies and industrial groups, building upon the launch excitement we have already seen. We continue to push the lifting limits higher for cranes on a commercial chassis where we can compete very effectively against more expensive truck cranes. Our analysis of the market for cranes with this lifting capacity suggests that this product has the potential to be one of our most successful product platforms within 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, 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.

SOURCE Manitex International, Inc.