BRIDGEVIEW, Ill., March 22, 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, announced today that its boom truck and sign crane subsidiary Manitex, Inc. based in Georgetown, TX, has appointed Seattle based Coast Crane Company to distribute its entire boom truck product line for the states of Washington, Oregon, Alaska, Hawaii, Idaho and Montana, the provinces of British Columbia and the Yukon, the territory of Guam and the Republic of the Marshall Islands. In concert with this agreement, Coast Crane has placed an initial stock order of approximately $2.0 million targeted for its rental fleet replacement and retail sales opportunities.
Coast Crane Company, recently acquired by Essex Rental Corp, (Nasdaq: ESSX) is a leading provider of a full range of tower, rough terrain and boom truck cranes with seventeen facilities servicing the largest fleet on the West coast, and has a been a significant presence in the boom truck market for many years.
Scott Rolston, Senior Vice President of Sales and Marketing for Manitex International, commented, "This agreement is a superb strategic fit for Manitex as it immediately increases the breadth of western distribution for the Manitex brand. Since 1970, Coast Crane has been a distributor of capital equipment and industrial products, with a strong presence in the boom truck market, which accounts for a significant amount of their revenues each year. They are committed to and understand the model for success in the boom truck market and have knowledgeable sales and service talent in place at each of their multiple locations. We look forward to a long-term and productive relationship with them."
Added Terry Howard, Executive Vice President and COO for Coast Crane, "Everyone at Coast Crane is excited to represent Manitex's full line of boom trucks. We made an extensive internal survey of all leading boom truck brands and determined that Manitex was the recognized leader in innovation and value. This makes them the perfect fit for Coast Crane. Our ability to offer the full line of Manitex boom trucks in our rental fleet will facilitate the successful sales of these high quality cranes to our customers. Manitex's "Uptime" program is consistent with our view of selling uptime to our customer by providing cranes that are backed with industry leading parts and service support.."
Scott Rolston concluded, "We are confident that Coast Crane and Manitex will prove to be a successful combination that continues to grow our market share by providing our customers with the best products and service support."
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. In June 2010, we signed an agreement to operate on an exclusive rental basis, CVS Ferrari, located near Milan, Italy, which designs and manufacturers a range of reach stackers and associated lifting equipment for the global container handling market, sold through a broad dealer network.
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SOURCE Manitex International, Inc.