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Cranes, port equipment boost Manitex

Wednesday, 14 Aug 2013 ( #629 ) - Bridgeview, IL, United States
News Story
Reach stackers of Manitex subsidiary CVS Ferrari srl
Increased demand for port-related and crane equipment propelled Manitex International Inc to record profit and sales in the second quarter ended 30 June.

Reach stacker manufacturing for port applications occurs at Manitex subsidiary CVS Ferrari srl in Roveleto di Cadeo, southeast of Milan, in Italy.

David J Langevin, Manitex chair and chief executive officer, discussed the CVS business, which designs and manufactures container handling equipment for sea-ports and inter-modal couplings.

"Most of our international business generates from CVS, and they sell to a very diverse market. It's all over the place. In the past, we've announced orders to São Paulo, South Africa" and other countries.

"When we originally did that acquisition, it was ― at that time from a trailing standpoint ― 50% Europe and 50% non-Europe," Langewin says. "They've been growing and expanding in the 50% non-Europe side of their business. And we all hope and pray they'll be back into the European market, where there's the other 50% of their growth, because that would significantly expand what they've already accomplished."

On 1 July 2011, CVS Ferrari purchased CVS SpA’s intangible assets, machinery and equipment and related Cabletronic srl software and electronic know-how used in CVS production. The purchase included rights, designs and drawings for reach stackers, straight mast container handlers, straddle carriers and tractors. The total price under two 29 June agreements was EUR3.38 million (USD4.9 million) including liabilities of EUR500,000 (USD726,000).

Langevin identifies the Manitex crane business as also experiencing production gains. A Manitex subsidiary manufactures boom trucks and sign cranes in a facility in Georgetown, Texas.

In its quarterly report, Manitex discloses it has agreed to acquire Sabre Manufacturing, of Knox, Indiana, for USD13 million and Manitex stock with a value of USD1 million. Sabre manufactures specialised trailer tanks for storing industrial liquid, waste and natural gases.

Companywide, Bridgeview-based Manitex reports a profit of USD2.66 million on sales of USD62.6 million for the second quarter. That compares to profit of USD2.31 million on sales of USD52.5 million for the comparable year-earlier quarter.

Across the economic landscape, Manitex projects "zero growth in Europe" but modest improvement in North America.

"In the short term, we are working in a challenging microeconomic/macroeconomic environment," Langevin says. "Fortunately, our organisation has new products, which are being well received. And, while the global economy is slow, it continues to grow at some level."
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