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Manitex brand gets corporate billing

Wednesday, 3 Sep 2008 ( #376 ) - Bridgeview, IL, United States
News Story
A manufacturer of rough-terrain forklifts, boom truck cranes and special mission-oriented vehicles has changed its identity and moved to build its market in challenging times.

Publicly traded Manitex International Inc of Bridgeview was known until 28 May as Veri-Tek International Corp.

"On the materials handling side, we have responded to the more difficult market conditions by commencing a streamlining of our operations and will continue to prudently position ourselves so that we are prepared when this market finds firmer footing," says David Langevin, Manitex chairman and chief executive officer, in a statement.

Manitex reported profit of USD1.61 million on sales of USD50.0 million for the six months ended June 30.

Rough-terrain forklifts of the firm’s Manitex Liftking ULC subsidiary are used in both commercial and military applications, and the unit also makes Noble forklift products. Specialised lifting equipment addresses needs within the utility, ship-building and steel mill industries.

The firm builds rough-terrain forklifts, mission-oriented vehicles and specialized carriers at an 85,000 square foot (7,650 sqm) facility of Manitex Liftking in Woodbridge, Ontario, Canada, and manufactures the boom cranes in an 188,000 square foot (16,920 sqm) site of subsidiary Manitex Inc in Georgetown, Texas. Manitex leases both locations.

In the market for rough-terrain forklifts, Manitex says it competes with products from Case New Holland, Sellick, Harlo, Manitou, Mastercraft and Load Lifter.

The firm’s straight mast forklifts are available with lifting capacities from 6,000 pounds (2,700kg) to 50,000 pounds (22,500kg) and lift heights from 10 feet (3m) to 32 feet (9.6m).

A series of truck-mountable, tag-along forklifts has lifting capacities ranging from 4,000 pounds (1,800kg) to 6,000 pounds (2,700kg).

A line to handle heavier loads, known as Dynaluggers, can lift up to 30,000 pounds (13,500kg). A hydraulic cylinder raises and lowers the Dynaluggers’ crane-type boom. The machine can be outfitted with a forklift-type or claw-type lifting attachment.

A line of four-wheel-drive telehandlers has telescopic three-section booms that lift, extend and tilt with lifting capacity up to 12,000 pounds (5,400kg).

The military forces of the US, Canada and England utilise Manitex Liftking forklifts.

Historically, a Wixom, Michigan facility of Veri-Tek designed and built automotive and heavy equipment testing and assembly systems that could identify defects through the use of signature analysis and in-process verification. Veri-Tek sold assets of its diesel engine testing equipment to a production streamlining business of EuroMaint AB of Sundbyberg, Sweden in August 2007 and discontinued other activities of its former testing and assembly equipment segment.

The remaining segment, lifting equipment, was obtained through acquisitions in 2007 and 2006 News #322 .
The firm completed a USD9 million placement of its common stock in September 2007 and issued 1.5 million shares of stock to institutional investors.
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