Manitex on Monday announced a major infusion of cash from fellow crane maker Tadano Global of Japan.
According to the Manitex press release, Tadano has purchased 2,918,542 Manitex shares for approximately $32.7 million. The deal is expected to close May 30.
The investment gives Tadano 15 percent ownership of all Manitex— makers of the Manitex, PM, O&S, Badger, Sabre and Valla brands—shares and the right to designate one member to the Manitex board of directors.
Tadano has decided to designate Tadano America president and CEO Ingo Schiller as its initial Manitex board member.
Tadano president and CEO Koichi Tadano called the deal a “strategic alliance,” that his company hopes will “assist in our mutual, future growth and profitability.” Because Manitex is a trck and knuckle boom crane maker and Tadano manufactuers all-terrain and rough-terrain cranes, the two don’t directly compete with one another. In his statement, Tadano alluded to the fact that he sees the alliance as a was for both companies to complement one another.
“Manitex is a recognized market leader in boom truck cranes, with its exceptionally strong brand and North American distribution, as well as its world-wide presence in the knuckle boom market,” Tadano says. “It is our hope that our investment will help the company’s continued progress both in the North America and internationally.”
“We are pleased to have Tadano as an investor in our Company. With over $1.7 billion in global annual sales, it is one of the premier crane companies in the world, with products and distribution channels that are complementary to ours. Tadano is a global leader in all-terrain and rough-terrain cranes and aerial work platforms. We see multiple opportunities to benefit from this strategic partnership and to take advantage of the currently favorable industrial environment,” added Manitex CEO David J. Langevin.