Manitex acquires tank company
Manitex has completed the previously announced acquisition of privately held liquid storage and transport trailer specialist Sabre Manufacturing of Knox, Indiana.
Manitex has paid $14 million for the business, comprising $13 million in cash and $1 million in Manitex stock. Sabre has annual revenues of around $39 million and pre-tax profits of $4.2 million.
Maniex chief executive David Langevin said: “Building our company through both innovative product development and opportunistic acquisition remains our priority and we are excited to add this niche product line to our own. In addition to maintaining its current momentum, we see opportunities to enhance Sabre's growth through introducing it into our larger dealership network and providing the resources of a larger Company to the sales and marketing of its products."
"A leading manufacturer with a reputation for high quality and innovation, and serving a market of over $1 billion, annually, Sabre is a good fit to our specialised product portfolio. With strengthening environmental regulation, projected expansion of energy exploration, refining and petro chemical activity we believe Sabre is well positioned in growth markets. We're excited about the transaction and welcome Sabre to the Manitex family."