BRIDGEVIEW, Ill., Dec. 22, 2014 /PRNewswire/ -- Manitex
International, Inc. (Nasdaq: MNTX), a leading international
provider of cranes and specialized material and container handling
equipment, today announced that it has successfully completed the
formation of its Joint Venture with Terex Corporation (NYSE: TEX),
and has become the majority owner of ASV, effective December 19, 2014. As a result of the
transaction, Manitex now owns 51% of ADV and Terex owns 49% of ASV.
ASV's financial results will be included in Manitex International
Inc.'s consolidated results beginning in the fourth quarter of
2014.
ASV manufactures and sells a line of high quality compact track
and skid steer loaders. Trailing twelve months sales for ASV,
Inc. were approximately $130 million
with Adjusted EBITDA* of approximately $14.9
million for the same period.
David J. Langevin, Chairman and
CEO of Manitex International commented, "We are pleased to be
partners with Terex on ASV, and we believe that the transaction is
consistent with our long-term diversification strategy in the
capital equipment industry. As a niche player, we are continually
looking for ways to expand our product offering to our dealers,
enter new markets, and 3position ourselves for future growth. ASV
offers us an opportunity to participate in a new area for our
business with a company that has an established substantial market
position and with an effective and strong partner. This is a great
addition to the Manitex product portfolio."
The consideration for Manitex's majority share in ASV was
$25 Million, consisting of a
$20 million investment by Terex in
MNTX common stock and debt securities, and $5 million in cash. The joint venture had
borrowings of approximately $44
million at closing which is non-recourse to Manitex and
Terex.
*Adjusted EBITDA is calculated by: GAAP Net Income plus Income
Tax plus Depreciation and Amortization plus Interest Expense plus
Foreign Currency Transaction gains/losses plus Other
(Income)/Expenses.
Forward-Looking Statement
Safe Harbor Statement under the U.S. Private Securities
Litigation Reform Act of 1995: This release contains statements
that are forward-looking in nature which express the beliefs and
expectations of management including statements regarding the
Company's expected results of operations or liquidity; statements
concerning projections, predictions, expectations, estimates or
forecasts as to our business, financial and operational results and
future economic performance; and statements of management's goals
and objectives and other similar expressions concerning matters
that are not historical facts. In some cases, you can identify
forward-looking statements by terminology such as "anticipate,"
"estimate," "plan," "project," "continuing," "ongoing," "expect,"
"we believe," "we intend," "may," "will," "should," "could," and
similar expressions. Such statements are based on current plans,
estimates and expectations and involve a number of known and
unknown risks, uncertainties and other factors that could cause the
Company's future results, performance or achievements to differ
significantly from the results, performance or achievements
expressed or implied by such forward-looking statements. These
factors and additional information are discussed in the Company's
filings with the Securities and Exchange Commission and statements
in this release should be evaluated in light of these important
factors. Although we believe that these statements are based upon
reasonable assumptions, we cannot guarantee future results.
Forward-looking statements speak only as of the date on which they
are made, and the Company undertakes no obligation to update
publicly or revise any forward-looking statement, whether as a
result of new information, future developments or otherwise.
About Manitex International, Inc.
Manitex International, Inc. designs, manufactures and markets a
portfolio of highly engineered and customizable lifting, material
and container handling equipment, spanning boom truck, telescopic,
rough terrain and industrial cranes, reach stackers and associated
container handling equipment, rough terrain forklifts, mobile
liquid and solid containment solutions, and specialized trailers
and mission oriented vehicles, including parts support. We
have accumulated nearly a dozen brands since going public in 2006
and operate internationally through eight subsidiaries with design
and manufacturing facilities in the USA, Canada
and Italy.
Manitex Inc, in Georgetown, TX,
manufactures a comprehensive line of boom truck and
telescopic cranes and sign cranes , primarily used in industrial
projects, energy exploration and infrastructure development,
including roads, bridges, and commercial construction. Badger
Equipment Company, in Winona, MN,
manufactures specialized rough terrain and industrial cranes and
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. 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 as
well as specialized carriers, heavy material handling transporters
and steel mill equipment. Manitex Liftking's rough terrain
forklifts are used in commercial applications and by the world's
largest military and peace keeping organizations. 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. Manitex Sabre based in Knox,
Indiana, builds mobile specialized tanks for liquid storage
and containment solutions for a variety of end markets such as
petrochemical, waste management and oil and gas drilling. Manitex
Valla located in Piacenza, Italy,
manufactures a full range of mobile precision pick and carry cranes
from 2 to 90 tons, using electric, diesel, and hybrid power options
with configurable special applications designed specifically to
meet the needs of its customers.
Our Crane and Machinery division is a Chicago based distributor of cranes including
Terex truck and rough terrain cranes, PM knuckle boom cranes and
our own Manitex International brands. 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 and refurbished lifting and construction equipment of various
ages and conditions as well as operating a rental fleet of
equipment to the Tri-state area.
Company Contact:
Manitex International,
Inc. Darrow
Associates, Inc.
David
Langevin Peter
Seltzberg, Managing Director
Chairman and Chief Executive
Officer Investor
Relations
(708)
237-2060 (516)
510-8768
djlangevin@manitexinternational.com pseltzberg@darrowir.com
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SOURCE Manitex International, Inc.