Manitou expects sales to decline in 2009

News Story
- 19 Mar 2009 ( #402 ) - Paris, France
1 min read
Manitou is putting into place measures to boost cashflow, lower costs and downsize production in order to offset the effects of the weakening global economy.

The company says it expects sales could decline by as much as 40% compared with 2008, which would result in a loss being incurred for 2009 as a whole.

Manitou has already drawn down a significant proportion of its credit lines to boost available cash and to avoid being exposed to a liquidity risk over the medium term.

US subsidiary Gehl Company has been unable to comply with certain bank covenants and has opened negotiations with local bankers regarding syndicated credit lines to avoid the banks pressing for early repayment.

Manitou says it has opened negotiations with its own banking pool to adapt the terms and conditions of the syndicated loan from last year. This loan was taken out to purchase Gehl.

The company has stated it is committed to providing support to Gehl to overcome the current crisis - but only if conditions in terms of risk mitigation and visibility are satisfactory.
Business Activity Index reveals mixed data for sector
Business Activity Index reveals mixed data for sector 3 Oct 2024 - Austin, TX, United States - 2 min read
Ritchie Bros. auction earns $54M
Ritchie Bros. auction earns $54M 1 Sep 2022 - Houston, TX, United States - 1 min read
Record 11/11 sales for EP
Record 11/11 sales for EP 2 Dec 2021 - Hangzhou, China - 1 min read
Previously about:
Manitou unveils new compact telehandler News Story - 22 Feb 2024 - New Orleans, LA, United States - 1 min read
Anderson Machinery Company recognised News Story - 29 Oct 2020 - West Bend, WI, United States - 1 min read
Gehl, Linde extend credit arrangements News Story - 2 Jul 2009 - Ancenis, France and Munich, Germany - 2 min read
Manitou and Kiloutou unveil retrofitted electric telehandler News Story - 13 Jun 2024 - Ancenis, France - 1 min read
Manitou strikes asset deal with Dezzo Equipment News Story - 16 May 2024 - Chloorkop, South Africa - 1 min read
Manitou commits to fossil-free steel News Story - 18 Apr 2024 - Ancenis, France - 2 min read
Do you have materials handling news? Submit your news here

PREMIUM business

Hangzhou Manforce Material Handling Equipment Co., Ltd
Specializing in Nichi and conventional forklift products, we create significant value for all our partners!

This April, Forkliftaction will publish an in-depth feature report on the latest innovations in materials handling attachment design.

Do you have expertise in this field? 
Feature contribution is a unique opportunity to share your knowledge in a widely read and respected editorial report. 

Contributor sign-up ENDS FEBRUARY 20thcontact us today to secure your participation!

Words of support …

Undoubtedly, peer experience plays a crucially important role in our industry and it is extremely valuable for us to be part of the platform, where industry professionals, as well as end users can discuss and learn more about the materials handling world.

Alexandra Artemova, Marketing Specialist - Rocla AGV Solutions

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

Forkliftaction's JOB MARKET

This April, Forkliftaction will publish an in-depth feature report on the latest innovations in materials handling attachment design.

Do you have expertise in this field? 
Feature contribution is a unique opportunity to share your knowledge in a widely read and respected editorial report. 

Contributor sign-up ENDS FEBRUARY 20thcontact us today to secure your participation!

PREMIUM business

Shenzhen Wellwit Robotics Co., Ltd
The Largest AMR/AGV ODM/OEM Manufacturer in China.

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

Forkliftaction's JOB MARKET

Inside The News
This week in Forkliftaction News we talk with four Chinese forklift manufacturers about their aspirations for a burgeoning export market and what the introduction of additional US tariffs will mean for their business models... Continue reading

PREMIUM business

MAXAM Tire, Inc.
Simplify your productivity with MAXAM's range of performance material handling tires, designed with the latest EcoPoint3 technology.

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

Forkliftaction's JOB MARKET

This April, Forkliftaction will publish an in-depth feature report on the latest innovations in materials handling attachment design.

Do you have expertise in this field? 
Feature contribution is a unique opportunity to share your knowledge in a widely read and respected editorial report. 

Contributor sign-up ENDS FEBRUARY 20thcontact us today to secure your participation!