Manitex/Terex deal closes
Manitex and Terex have completed the transaction creating the ASV joint venture in which Manitex holds a 51 percent stake - see: Terex forms JV with Manitex
The final details show that Manitex paid $25 million ($20 million in shares/convertible debt and $5 million cash) for its majority stake in the business which has around $44 million in borrowings, valuing the business at around $93 million. Terex paid $488 million for ASV in 2008 - see: Terex buys ASV
Manitex chief executive David Langevin said: "We are pleased to be partners with Terex on ASV, and we believe that the transaction is consistent with our long-term diversification strategy in the capital equipment industry. As a niche player, we are continually looking for ways to expand our product offering to our dealers, enter new markets, and position ourselves for future growth. ASV offers us an opportunity to participate in a new area for our business with a company that has an established substantial market position and with an effective and strong partner. This is a great addition to the Manitex product portfolio."