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Material Handling Headlines

Bridgeview, IL – Manitex International, Inc., a provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles, announced that it has acquired Badger Equipment Company, a Winona, MN-based manufacturer of specialized rough terrain cranes and material handling products. Terms of the acquisition included $250,000 in Manitex common stock and a $2.75 million five-year note bearing interest at six percent, for an aggregate purchase price of $3 million. Badger, which was acquired from Avis Industrial, a privately held company, had revenues of approximately $10 million, EBITDA of approximately $500,000 and a positive net income in 2008.

David J. Langevin, chairman and CEO of Manitex International commented, "We are excited to add another niche product line to the Manitex family. We anticipate moderate revenue and cash flow contributions in the second half of this year from Badger, with more substantial impact occurring in following years."

Read the full story at prnewswire.com.

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