Manitex acquires Badger Equipment

Manitex International has acquired Badger Equipment for $3 million, including $250,000 in Manitex common stock and a $2.75 million five-year note.

Minnesota-based Badger Equipment, acquired from Avis Industrial, had revenues of approximately $10 million and a positive net income in 2008.

Badger’s plan to introduce a new line of specialized high quality rough terrain cranes in 2009 will continue, says Manitex. Shipments are expected to begin this quarter