International Strategy and Large Capacity Cranes Drive Continued Success
Manitex International, Inc., a provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts specialized trailers and special mission oriented vehicles, recently 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 percent 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 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."
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, Minn.-based manufacturer of specialized rough terrain cranes and material handling products and on Dec. 31, 2009 we acquired the operating assets of Load King Trailers, an Elk Point, S.D. manufacturer of specialized engineered trailers and hauling systems.