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Veri-Tek attracted by Noble assets

Thursday, 9 Aug 2007 ( #322 ) - BRIDGEVIEW, IL, United States
News Story
A Noble RT-Series forklift
US manufacturer of engineered lifting equipment Veri-Tek International Corp has bought Noble Rough-Terrain Forklift from GT Distribution for USD4.2 million.

Veri-Tek CEO David J Langevin says the company is pleased to add Noble to its specialised lifting equipment line.

"The Noble product line was originally designed and marketed by Caterpillar in 1983 and was subsequently marketed through Eagle Pitcher's dealer network."

He adds that the products have a strong distribution network.
Noble will benefit from Veri-Tek's manufacturing base and add to its Liftking rough-terrain forklift product line.

No new employees or facility expansions are in the pipeline.
Langevin says Veri-Tek's sales and marketing team is excited to gain access to Noble's established dealer network.

Andrew Rooke, the company's president & COO, says the Noble business will add to Veri-Tek's annual operating earnings, starting with the current year.

"The Noble business has historically generated operating margins similar to those of our Liftking subsidiary on sales volumes of about USD20 million.

"But in recent times, as a result of changing facilities and ownership, the company has not kept up with demand for its products.

"However, it has retained its most valuable assets - its distribution and reputation for quality products. We believe that we are uniquely positioned to restore this business to its historic performance in reasonable time."

Veri-Tek will release GT Distribution from its USD4.2 millon debt to Veri-Tek as consideration for the assets of the Noble business, a Veri-Tek statement says.

Veri-Tek manufactures boom trucks and crane products through its Manitex subsidiary. Its Manitex Liftking subsidiary produces rough-terrain forklifts and special mission-orientated vehicles, specialised carriers, heavy materials handling transporters and steel mill equipment. Manitex Liftking rough-terrain forklifts are used in commercial and military applications.
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