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Manitex broadens line with Badger acquisition

Wednesday, 15 Jul 2009 ( #419 ) - Bridgeview, IL, United States
News Story
The Badger brand is now part of the Manitex stable
Manitex International Inc has acquired Badger Equipment Co from Avis Industrial Corp for USD3 million, in part to add new rough-terrain cranes under the Badger brand to the growing family of Manitex products.

Terms of the 10 July acquisition included USD250,000 in Manitex common stock and a USD2.75 million five-year note bearing interest at 6%.

In early 2009, Badger Equipment introduced its line of high-quality rough-terrain cranes, including a model with lifting capacity up to 60,000 pounds (27,000 kg).

Manitex intends to maintain Badger Equipment manufacturing operations at Badger’s leased Winona, Minnesota facility and to operate the business as a Manitex subsidiary, says David Langevin, chairman and chief executive officer of Bridgeview-based Manitex.

"The acquisition of Badger’s specialised product lines will expand our market opportunities through offering new product lines to our current dealers and expanding our dealership network," Langevin notes. Regarding the new cranes, "we will begin to ship against orders in-hand in this current quarter" ending 30 September.

Badger Equipment employs 50 people, occupies 175,000 square feet (15,750 sqm) and has reported annual sales of USD10 million from manufacturing of specialised earthmoving, railroad and material handling equipment to dig, trench, grade, clear, load and lift objects. A Badger division, Cullen-Friestedt Lifters, began making branded products in 1907. Badger was formed in 1945.

Upland, Indiana-based Avis Industrial is a diversified privately owned women’s business enterprise. Among Avis Industrial’s remaining seven subsidiaries is Sellick Equipment Ltd of Harrow, Ontario, Canada, a manufacturer of rough terrain forklifts and attachments.

Publicly traded Manitex reported a profit of USD61,000 on sales of USD14 million for the first quarter ended March 31. Manufacturing occurs in Bridgeview; Georgetown, Texas; and Woodbridge, Ontario, Canada.  Manitex acquired the assets of electric forklift manufacturer Schaeff Lift Truck Inc and equipment distributor Crane & Machinery Inc from GT Distribution LLC on 6 October 2008.
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