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Manitex International Inc. is a manufacturer of heavy-duty material handling equipment—mainly forklifts and boom trucks. The company's products range from 5,000-pound (2,268-kg) trailer-mounted forklifts, to 25-ton military lifts, to 300-ton shipyard transporters.[1]  Manitex’s headquarters are in Bridgeview, Illinois. It was founded in 1993, incorporated in 2003, and made public in 2006. Manitex is traded on the NASDAQ exchange under the ticker symbol MNTX.[2]


[edit] History

[edit] Veri-Tek International

Manitex International was known as Veri-Tek International until September 2008. As Veri-Tek, the company’s focus was on manufacturing machinery used to inspect and assemble automotive parts. In July 2006 Veri-Tek International acquired Manitex, a boom truck and sign crane manufacturer. This move signalled a major change in direction for the company. In July 2007, the entire automotive testing sector was sold off.[3] In one year’s time, Veri-Tek completely shifted its core business focus from automotive to materials handling. This culminated in September 2008 when Veri-Tek International changed its name to Manitex International in an effort to establish a new identity amidst tough economic conditions.[4]

[edit] Liftking

Manitex International acquired Toronto-based forklift manufacturer Liftking in November 2006. Liftking, established in 1968, is well known for their line of heavy-duty, straight-mast, rough terrain forklifts. Liftking vehicles are capable of lifting up to 50,000 pounds (22,680 kg), and extending to a height of 32 feet (9.8 m). The primary use of Liftking trucks is in industry and military applications. The United States Department of Defence owns several hundred Liftkings, spread throughout the Army, Navy, and Air Force. Liftking offers custom-built trucks suit the needs of a specific project and have manufactured trucks capable of lifting more than 300,000 pounds (136,078 kg).[5]

[edit] Lowry

In October 2006, Liftking acquired Lowry Fork Lifts for an undisclosed sum. Lowry had been placed into receivership, and Liftking was one of the largest creditors. The purchase took place just one month prior to Manitex purchasing Liftking.

Lowry produces a line of indoor, soft-tired, heavy-duty forklifts. The maximum load capacity for Lowry trucks is 40,000 pounds (18,144 kg). [6]

[edit] Noble

Noble Forklifts were originally designed by Caterpillar in 1983. Noble has a loyal customer base and distribution through Caterpillar’s Allied Vendor program. However, due to changes in ownership and operating facilities, Noble fell into financial problems. In 2007 Manitex acquired Noble Forklifts from GT Distribution in exchange for the release of a $4.2 million debt that GT owed to Manitex. Noble has four rough terrain lift trucks in its product line, which supplement the high-end trucks of the Liftking brand.[7]

[edit] Crane and Machinery Inc. and Schaeff Forklifts

In October 2008 Manitex International acquired Crane and Machinery Inc. and Schaeff Forklifts from GT Distribution. The two companies had combined revenue of $21 million in 2007. Manitex assumed $2.7 million of GT's debt and gave GT $1 million worth of stock.

Schaeff produces a niche line of forklifts that run off of electric power. Crane and Machinery Inc. is a dealer of rough terrain equipment, including Manitex products. Twenty-five percent of Crane and Machinery’s revenue comes from foreign markets. Manitex’s president and COO Andrew Rooke spoke of the company’s foreign presence: “We expect Crane's distribution network to accelerate our penetration into international markets, which is a key part of our growth strategy."[8]

[edit] Load King

In January 2010, Manitex International acquired Load King Trailers from Genie Industries, a subsidiary of Terex Corporation (NYSE:TEX) for a total consideration of $3.1 million, consisting of a promissory note of $2.75 million, $250,000 in Manitex shares, and $100,000 in cash. Load King's annual revenues for the last five years were approximately $23 million.[9]

[edit] The Company Today

Manitex International is the parent company for forklift brands Liftking, Noble, Lowry, and Schaeff. It also has two subsidiaries that manufacture cranes and heavier-duty transport equipment: Manitex and Crane & Machinery.[10] Revenue for Manitex International totalled $106.34 million for 2008, of which 75 percent came from Manitex and 25 percent from Liftking. [11]

Manitex International has production facilities in both Canada and the United States. North America is also the biggest market for sales of Manitex products. Manitex is trying to establish a greater foreign presence as evident from the acquisitions of Crane and Machinery Inc. and Noble Forklifts, both of which have established foreign distribution.[12][13] In particular, Manitex is looking to expand into the Middle East, Russia, and South America. [14]

[edit] Future Acquisitions?

In an interview with CEO-CFO Magazine, Manitex’ president and COO Andrew Rooke indicated that Manitex intended to continue to grow by acquisition, even in these tough economic times.[15]

[edit] Equipment List

[edit] Refernces

  1. PRODUCTS APPLICATIONS. Manitex LiftKing [April 24, 2009].
  2. MNTX - FAQ. Manitex International, Inc. [April 24, 2009].
  3. MNTX - FAQ. Manitex International, Inc. [April 24, 2009].
  4. Manitex brand gets corporate billing. [April 24, 2009].
  5. Manitex International Inc (MNTX.O) Company Profile. [April 24, 2009].
  6. Lift King and Lowry - partnering for the future. [April 24, 2009].
  7. Veri-Tek’s Manitex Boom Truck Product Line Joins Caterpillar’s Allied Vendor Program. Manitex International [April 24, 2009].
  8. Manitex International Acquires Assets of Crane and Machinery, Inc. and Schaeff Forklifts. [April 23, 2009].
  9. Manitex International Acquires Load King Specialized Trailer Business. Manitex International [January 4, 2010]
  10. Divisons. Manitex International, Inc [April 24, 2009].
  11. MNTX - FAQ. Manitex International, Inc. [April 24, 2009].
  12. Manitex International, Inc. (MNTX-NASDAQ). CEO-CFO Online Magazine [April 24, 2009].
  13. Veri-Tek Announces Acquisition of Noble Rough-Terrain Forklift Business. ThomasNet [April 24, 2009].
  14. BUYINS.NET: Market Maker Surveillance Report. Highest Net Sell Volume and Negative Price Friction Stocks For February 2, 2009. [April 24, 2009].
  15. Manitex International, Inc. (MNTX-NASDAQ). CEO-CFO Online Magazine [April 24, 2009].

[edit] External Links