Manitex acquires two companies
13 October 2008
The parent company of Texas, US-based Manitex Inc., has acquired the assets of Crane and Machinery Inc., and Schaeff, Inc. for US$3.7 million. Both companies were previously owned by GT Distribution and had combined 2007 revenues of $21 million.
Crane and Machinery is a dealer for Terex rough terrain and truck cranes, Fuchs material handlers, and Manitex boom trucks and sign cranes. The company is also a supplier of second hand equipment, replacement crane and equipment parts, and repair and maintenance services. Schaeff designs, manufactures and sells a line of indoor electric forklifts.
Andrew Rooke, Manitex International president and CEO, said the acquisition supports the company’s diversification strategy into international markets and strengthens its replacement parts business. “We expect Crane and Machinery’s distribution network to accelerate our penetration into international markets, which is a key part of our growth strategy,” he said. “The Schaeff electric forklift is a niche product that will complement our material handling offering.”