Newsletter #168 (View other news stories)
Manitou, Gehl combine their telehandler ranges
NANTES, France
Thursday, 29 Jul 2004
Rough terrain forklift giant Manitou and construction and agricultural equipment manufacturer Gehl have forged a partnership under which their range of telescopic handlers will be combined.
Two agreements signed on July 22 will give each company a more comprehensive range of products in the USA and elsewhere.
Manitou has invested USD19.8 million in Gehl stock, while Gehl said it would recommend the appointment of Manitou CEO Marcel Claude Braud to its board.
Wisconsin-based Gehl, which reported net sales of USD244 million last year, will manufacture two series of Manitou compact telehandlers under license at its Yankton, South Dakota, factory.
The machines would be sold through Gehl's network bearing Gehl's name, colour and livery, a company statement said.
Under a reciprocal supply agreement, each company will bolster its US telehandler range with models designed and manufactured by the other, but distributed in each company's own livery.
Gehl chairman and CEO William Gehl described the new partnership as an "excellent opportunity".
"Manitou's worldwide leadership in telescopic handlers will be a strong asset in our mutual goal to further grow our presence in the US," he said.
Manitou, which reported net sales of USD821.5 million in 2003,
said the agreements would take effect from the beginning of 2005.
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