Manitex International, which produces boom trucks, rough terrain cranes, rough terrain forklifts, specialized trailers and special mission-oriented vehicles, has announced that its new Italian subsidiary, CVS Ferrari, SRL, had entered into an agreement to operate, on an exclusive rental basis, the business of CVS Ferrari.
CVS Ferrari is near Milan, Italy and designs and manufactures reach stackers and associated lifting equipment for the global container handling market, sold through a broad dealer network. The rental agreement started July 1, 2010.
Manitex initially plans to rent the operations of CVS in Italy, and then acquire the business following approval by the CVS creditors' meeting under the "Concordato Preventivo" process in Italy. The rental period could extend for up to two years, but a shorter period is anticipated, according to a company press release. As of the agreement date, CVS has a backlog of orders of approximately US$10 million for delivery during 2010.