Manitex International announces organizational changes
Reorients facilities and distribution capabilities to accelerate sales of the Oil & Steel and Valla product line in North America
BRIDGEVIEW, IL / ACCESSWIRE / October 20, 2022 / Manitex International, Inc. (NASDAQ: MNTX) (“Manitex” or the “Company”), international provider of truck cranes, specialized industrial equipment and construction equipment rental solutions, today announces a realignment of its Illinois-based operations to expand North American distribution and support of its Valla and Oil & Steel product lines. The changes enable an efficient reallocation of resources towards the sale, distribution and support of Manitex’s aerial work platforms and electric crane product lines.
The company’s wholly-owned subsidiary, Crane & Machinery “C&M”, effective January 1st 2023, will grow from a multi-product sales and support organization to a direct distributor and factory representative for the company’s Oil & Steel and Valla products. Distribution will initially be supported by the Manitex team in Illinois and is expected to be supplemented by newly appointed and future resellers of these products in North America. Crane & Machinery will be integrated into Manitex North America (Georgetown), leveraging the strength of the Manitex brand, while providing customers with strong regional product support.
“Valla Electric oil and steel aerial work platforms and cranes are leading product lines in Europe, where they are respected for their innovative design and practical solutions. In recent years, we have seen a growing demand for products in these categories in North America and we are organizing the business to meet demand and accelerate our expansion plans here.Our sales here in these product lines have so far only been scratch the surface of a market that we believe exceeds $200 million annually. The repurposing of Crane & Machinery and associated moves will facilitate our growth plans and provide customers with better sales and technical support,” said Michael Coffey, CEO of Manitex.
“Additionally, we have identified these product categories as particularly well suited to the North American equipment rental industry, which, through our acquisition of Rabern Rentals in April 2022, continues to be an area of strategic interest to our business The changing organization, alongside the continued expansion of Rabern Rentals, supports our goals to continue to grow our dealer networks, industry relationships and grow market share in these categories of products,” concluded Coffey.
Management anticipates that no significant additional or start-up costs will be incurred as a result of this change.
About Manitex International, Inc.
Manitex International is a leading provider of truck-mounted mobile cranes, industrial lifting solutions, aerial work platforms, construction equipment and rental solutions serving general construction, crane contractors and industry. heavy industry. The company designs and manufactures its products in North America and Europe, distributing through independent dealers worldwide. Our brands include Manitex, PM, MAC, Oil & Steel, Valla and Rabern Rentals.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that express the beliefs and expectations of management, including statements regarding results of operations or liquidity expected from the company; statements regarding projections, predictions, expectations, estimates or forecasts regarding our business, financial and operating results and future economic performance; and statements of management’s goals and objectives and other similar expressions regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by words such as “anticipate”, “estimate”, “plan”, “project”, “continue”, “ongoing”, “expect”, “we believe”, “we intend”, “may”, “will”, “should”, “could” and other similar expressions. These 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 future results, performance or achievements of the Company to differ. materially 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 the statements contained in this release should be evaluated in light of these important factors. Although we believe these statements are based on reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
Peter Seltzberg, Capital Markets and Business Advisory
THE SOURCE: Manitex International, Inc.
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