BRIDGEVIEW, Ill., June 9 /PRNewswire-FirstCall/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts specialized trailers and special mission oriented vehicles, today announced receipt of new orders valued at approximately $5.0 million for shipment during the third and fourth quarters of 2010. Approximately $4.0 million is for the Company's Manitex boom truck cranes and $1.0 million is for the Company's specialized military material handling products. Of the total orders, approximately 25% is for international customers, reflecting the Company's continued success with its strategy of developing global markets for its products.
Scott Rolston, Senior Vice President, Sales and Marketing, Manitex International commented, "We are pleased to announce the receipt of these new orders for Manitex cranes from our dealers in North America and the UAE, many of which are seeing a surge in demand from their oil and gas extraction based customers. Also included in these orders are cranes for end users in South America, a region that is also experiencing increased demand from multiple sectors. The orders represent products from a range of crane tonnages, including our larger cranes that provide a particularly strong comparative return on investment to users."
Mr. Rolston added, "We are seeing a gradual increase in demand in our traditional North American markets, as well as within international markets that we've selectively entered. We have experienced increased quotation activity from these markets and are hopeful that additional new orders will materialize in the near future."
The new $1.0 million of orders for specialized material handling equipment are repeat orders from a United States-based customer that has a large fleet of these units dispersed throughout its operations globally, and an order from a new customer, the Spanish military.
Mark Aldrovandi, who is responsible for Manitex Liftking's international and military material handling sector, commented, "We are excited to receive orders not only from the US military to whom we have supplied these units for a number of years, but also with our breakthrough with the Spanish military, a customer with whom we hope to establish a similar long lasting relationship. The addition of Spain is evidence of our increasing number of military customers for these units and provides further support to our efforts to increase our market penetration in this business area."
About Manitex International, Inc.
Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, 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. 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. 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. In July 2009, we acquired through a stock purchase, Badger Equipment Company, a Winona, Minnesota-based manufacturer of specialized rough terrain cranes and material handling products and on December 31, 2009 we acquired the operating assets of Load King Trailers, an Elk Point, South Dakota manufacturer of specialized engineered trailers and hauling systems.
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SOURCE Manitex International, Inc.