Manitex International has provided an update to investors in response to the evolving COVID-19 virus pandemic.
The company reports that production and deliveries were minimally affected by COVID-19- related disruptions and precautions for the majority of the first quarter. However, the state- mandated closure of the company’s Italian facilities on March 21, 2020 will keep the facilities closed until April 9, at the earliest. North American operations have remained open with production levels being matched to maximize production efficiency and customer order patterns, which remain subject to change in this evolving situation.
“The global COVID-19 crisis has brought with it a set of extremely challenging operating conditions, and decisions that we, along with every other company in our industry, are facing,” said Steve Filipov, chief executive officer, Manitex International. ”We are following every applicable national and local law and health standard to provide for the safety of our employees, suppliers and their families which are of paramount importance. We are fortunate to have had no confirmed cases of COVID-19 infections in our plants to date.”
“Once we can get back up and running in Italy, our team stands ready to quickly ramp up and limit the production shortfall, to deliver the orders we have on hand. We have taken prudent cost-containment measures to conserve cash during this period of uncertainty. Our liquidity remains healthy with approximately $20 million in cash and $24 million in availability on our revolving credit line as of March 31, 2020,” concluded Filipov.