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Manitex completes Valla acquisition

Thursday, 5 Dec 2013 ( #645 ) - Bridgeview, IL, United States
News Story
Valla SpA manufacturing site in Italy
Manitex International Inc completed its acquisition of Valla SpA on 30 November for up to USD1.2 million, to be based on an earn-out provision.

Valla is a mobile industrial crane manufacturer in Calendasco, Italy near Piacenza. An agreement in principle was disclosed on 7 November.

Mario Riva, general manager of Valla, says, "Valla's mobile industrial cranes have an outstanding reputation for quality and a long history of providing highly specialised and customised products for our customers, and we believe that Manitex International brings a strong distribution network and valued resources to the table that will significantly enhance Valla's market position."

Andrew Rooke, Manitex president and chief operating officer, comments, "Valla has a well-established brand name in mobile, industrial cranes, and we are excited to add another outstanding product line to broaden our crane portfolio."

Bridgeview-based Manitex expects Valla operations to be accretive to its earnings in 2014. Valla reported 2012 sales of approximately USD7.5 million.
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