Manitex International, Inc. Signs Exclusive Operating Agreement for Cvs Ferrari Container Handling Business
U.S. Newswire › January 19, 2011
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Summary
BRIDGEVIEW, Ill., June 30 /PRNewswire-FirstCall/ -- Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts, specialized trailers and special mission oriented vehicles, today announced that its newly formed 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 located near Milan, Italy and designs and manufactures a range of reach stackers and associated lifting equipment for the global container handling market, sold through a broad dealer network. CVS Ferrari had 2008 annual sales of 71.8 million Euros prior to the recent economic downturn. The rental agreement has been filed with the Italian Court and commences July 1. The Court filing also includes an exclusive option to purchase the business at the conclusion of the Italian insolvency process, "Concordato Preventivo". The option and the remaining terms of the arrangement are pending Court approval.
The Company 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. As of the agreement date, CVS has a backlog of orders of approximately $10 million for delivery during 2010.See the full content of this document
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Manitex International, Inc. Signs Exclusive Operating Agreement for Cvs Ferrari Container Handling Business
About Manitex International, Inc.
Manitex International, Inc. is a leading provider of engineered lifting solutions including cranes, rough terrain forklifts, indoor electric forklifts and spec...See the full content of this document
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