With a positive twist, Manitex International Inc continues to exploit niche markets with improving demand and targeted geographic areas outside the US.

Manitex reports a profit of USD657,000 on sales of USD24.9 million for the third quarter ended 30 September. The company recorded a loss of USD147,000 on sales of USD15.1 million for 2009's comparable period.

"Our goals and strategic direction going forward emphasise the development of specialised niche products in markets in which we see potential for growth," says David Langevin, chairman and chief executive officer of Bridgeview-based Manitex. "Despite a still-challenged US economy, we remain optimistic about the longer-term possibilities of economic expansion here in the US markets, and we are well-positioned to take advantage of numerous growth opportunities in our targeted markets, both in the US and internationally heading into 2011."

Langevin expects similar sales and profits in the fourth quarter ending 31 December while acknowledging "US markets remain at very low levels" with limited general construction activity.

Over a new subsidiary's first three months, the Manitex unit CVS Ferrari srl "generated the profits and revenues we expected (and) will become a more material contributor to our results in the coming periods," Langevin says. Manitex established the subsidiary in June and, under agreement with the Ferrari family, is operating the business with an option to purchase within two years (Forkliftaction.com News #480).

Among Manitex operations, production of the Liftking subsidiary includes the Noble straight-mast, rough-terrain forklifts, Lowry high-capacity, cushion-tyred forklifts and Schaeff electric indoor forklifts.