Manitou acquiring Gehl in friendly deal

News Story
- 11 Sep 2008 ( #377 ) - West Bend, WI, United States
2 min read
Manitou Group subsidiary Tenedor Corp has launched a friendly tender offer to acquire the remainder of outstanding shares of Gehl Co. Another unit, Manitou BF SA, is Gehl's largest shareholder, owning 14.4% of West Bend-based Gehl common stock.

Material handling equipment manufacturer Manitou Group of Ancenis, France aims to strengthen its North American operations "by joining forces with a player known for its superior products and distribution networks," says Marcel-Claude Braud in a statement. Braud is Manitou president and chief executive officer and, with members of his family, controls ownership of the group.

The tender offer follows a July 2004 strategic alliance under which Gehl agreed to manufacture and distribute select models of Manitou's compact telescopic handlers in the US.

Under this week's definitive agreement, Manitou will pay USD30 per share, representing a 120% premium over Gehl's closing price on 5 September. The offer expires on 20 October unless it is extended.

"The combination of Gehl Co and Manitou offers a substantial value to our shareholders today while affording our dealers and employees with future opportunities for continued success," says William D Gehl, the firm's chairman and CEO. As of 1 February, he owned 3.7% of the shares of Gehl Co.

Manitou says it expects to retain the current Gehl management team.

The deal values Gehl at approximately USD450 million.

Gehl Co was founded in 1859, is publicly traded on the Nasdaq exchange and reported profit of USD24.4 million on 2007 sales of USD457.6 million. As of 31 December, the firm had 848 employees. Gehl markets its compact equipment under the Gehl, Mustang and Edge brands, primarily for earthmoving and materials handling applications.

Gehl manufactures telescopic handlers and asphalt pavers at a 215,900 square foot (19,431sqm) plant in Yankton, South Dakota, and skid loaders at a 260,000 square foot (23,400sqm) facility in Madison, South Dakota. Gehl expanded the Yankton plant in 2005 and again in 2006. In addition, Gehl has invested in painting systems, laser cutting equipment and robotic welding technology to improve its manufacturing capabilities.

The West Bend site has corporate offices, engineering, research and development and distribution services and occupies 481,000 square feet (43,290sqm), including space where Gehl formerly manufactured agricultural implements. Gehl discontinued its agricultural implements business in 2006.

Manitou is a leader in rough-terrain equipment including all-wheel steer loaders and telescopic handlers and operates globally through 23 manufacturing and distribution subsidiaries.

In addition to the Manitou stake, other external Gehl owners as of 31 December included three Tontine investment affiliates of Jeffrey L Gendell of Greenwich, Connecticut, 9.9%, and Dimensional Fund Advisors LP of Santa Monica, California, 8.6%.

Gehl would owe a fee of USD14 million if it terminates the Manitou offer to accept a superior deal.
Briefs
Briefs 26 Jun 2025 - 1 min read
Noblelift moves to acquire Canadian distributor
Noblelift moves to acquire Canadian distributor 26 Jun 2025 - Quebec, Canada - 1 min read
Bolzoni acquires specialist equipment manufacturer
Bolzoni acquires specialist equipment manufacturer 29 May 2025 - Piacenza, Italy - 1 min read
Previously about:
Manitou aims to boost synergies with Gehl News Story - 15 Jan 2009 - Waco, TX, United States - 1 min read
Manitou earns environmental award for telehandler retrofit News Story - 12 Jun 2025 - Paris, France - 1 min read
Manitou creates robotics division News Story - 15 May 2025 - Ancenis, France - 1 min read
Palfinger and Manitou report declining Q1 revenues News Story - 1 May 2025 - Bergheim, Austria - 2 min read
Manitou aims to boost synergies with Gehl News Story - 15 Jan 2009 - Waco, TX, United States - 1 min read
Do you have materials handling news? Submit your news here

PREMIUM business

Noblelift
Global leader and manufacturer of high quality electric, lithium-ion, and IC material handling equipment.

Even the heaviest lifts must be easy to handle. That’s why N.C. Nielsen raises the bar in lifting capacity, maneuverability, operator comfort, flexibility and technical capabilities.
Heavy duty reach stackers – lifting capacity from 85 to 180 tons.
VIEW ALL OUR CUSTOM-BUILT HEAVY DUTY REACH STACKERS

Contact us now: +45 99 83 83 83 - www.nc-nielsen.com

Words of support …

After advertising with Forkliftaction.com, we got many enquiries regarding interest to be our distributor. Mostly from Europe and USA but including a few in ASEAN. We feel that the advertisement was useful and good for market expansion.

Lawrence Xu, Assistant Sales Manager

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

Even the heaviest lifts must be easy to handle. That’s why N.C. Nielsen raises the bar in lifting capacity, maneuverability, operator comfort, flexibility and technical capabilities.
Heavy duty reach stackers – lifting capacity from 85 to 180 tons.
VIEW ALL OUR CUSTOM-BUILT HEAVY DUTY REACH STACKERS

Contact us now: +45 99 83 83 83 - www.nc-nielsen.com

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

We’re excited to launch a major upgrade to the Forkliftaction forums, packed with new features and improvements. Here’s what’s new:

  • You can now add up to two photos to your posts
  • New search & navigation - find what you need easier
  • Smart brand/model tagging across all forums
  • Top contributors recognised for their efforts!

 Head over to the forums to check it out!