16.01.2015

Manitex to build PM in N. America

Manitex closed its acquisition of Italy’s PM group yesterday and announced that it will produce PM cranes in North America

Manitex agreed the deal for PM, which includes PM loader cranes and Oil & Steel work platforms in July, for a total of $107 million - see: Manitex acquires PM.

In a statement following the final closing Manitex International’s chief executive David Langevin, said: “We welcome PM Group to the Manitex family, and look forward to providing our dealers another exceptional product line to offer to their customers. Knuckle booms cranes have been gradually gaining traction in the North American markets in the past few years and we believe that this is a very exciting opportunity for Manitex and our shareholders. We have already begun the planning process for additional knuckle boom production here in North America, and expect to introduce this exciting new product line throughout our North American dealerships this year.”

"Additionally, we expect to accelerate the distribution of Manitex product through the broad international PM sales network. By our introduction of this product line into the US we expect, over time, to increase the overall PM knuckle boom business above its historical levels. The PM acquisition is expected to be accretive to our net earnings in 2015 and beyond. The addition of PM, together with ASV, our new joint venture with Terex corporation, positions Manitex to start 2015 at an annual sales run rate of approximately $500 million."
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PM cranes are likely to be built in North America as well as Europe