Gehl and Manitou have formed a strategic alliance through which the two companies will distribute each other’s telescopic handler product lines in the United States using their respective dealer networks. Gehl will also begin manufacturing two series of Manitou compact telescopic handlers for the agricultural and construction markets. William D. Gehl, chairman and chief executive of Gehl, said the alliance will allow the company to broaden its product offerings to better serve the growing U.S. telescopic handler markets. The two companies will be able to respond quickly to emerging market trends by leveraging their combined design and manufacturing technologies, Gehl continued. In conjunction with the new business relationship, Manitou purchased 961,768 shares of newly issued Gehl common stock for $19.8 million, and Gehl has agreed to recommend the nomination of Marcel Claude Braud, Manitou’s chief executive, to the Gehl board of directors for the term of the alliance.
Gehl, Manitou form distribution alliance
Aug 2, 2004