Oil & Steel (“O&S”), a Manitex International, Inc. Company, Announces Renewal of Supply Agreement with Leading Italian-ba...
June 13 2019 - 8:01AM
Manitex International, Inc. (Nasdaq: MNTX), a
leading international provider of cranes and specialized industrial
equipment, today announced the renewal of its supply agreement with
a leading European utility company for O&S Scorpion 15 E and 17
E Aerial Work Platforms
. The utility company
has placed $2.5 million in orders with this renewal, and delivery
is expected to begin in the fourth quarter of 2019.
The Scorpion 15 E and 17 E aerial platforms will
be mounted on a fleet of Mercedes-Benz Unimog U218 4x4 utility
trucks and on IVECO ML90E21 4x2 trucks, which are used throughout
the utility company’s national territory, primarily for power line
maintenance work. The choice of Oil & Steel and
Mercedes-Benz and IVECO was driven by the need for versatile
vehicles and equipment with the capability to operate in extreme,
hard-to-access places. Additionally, the Oil and Steel
Scorpion 15 E and 17 E have unique safety features that the utility
wanted for its technicians who operate the equipment and manage
their power projects, to optimize their professionalism and the
quality of service offered.
O&S, which was acquired by Manitex International as part of
the PM acquisition in 2015, has been supplying this utility company
with Aerial Work Platforms for nearly a decade and has become a key
partner for this platform. It is estimated that this utility
company maintains a fleet of more than 1,000 trucks which it
deploys in the field to supply and maintain its ability to provide
its Italian customers with extremely reliable and safe power.
The O&S Scorpion product line is built on the same
platform as the Manitex-branded A62 which was introduced in 2017
and is also drawing very good interest from a number of utility
companies in North America.
"We are honored and proud to continue our
partnership with IVECO and Mercedes," said Giovanni Tacconi, of PM
Oil & Steel Spa and Manitex Valla srl. "These are two
exceptional partners that for over ten years now, have continued to
place their trust in us by choosing our aerial platforms for their
power supply and maintenance equipment needs.”
About Manitex International,
Inc.
Manitex International, Inc. is a leading
worldwide provider of highly engineered mobile cranes (truck
mounted straight-mast and knuckle boom cranes, industrial cranes,
rough terrain cranes and railroad cranes), truck mounted aerial
work platforms and specialized industrial equipment. Our products,
which are manufactured in facilities located in the USA and Europe,
are targeted to selected niche markets where their unique designs
and engineering excellence fill the needs of our customers and
provide a competitive advantage. We have consistently
added to our portfolio of branded products and equipment both
through internal development and focused acquisitions to diversify
and expand our sales and profit base while remaining committed to
our niche market strategy. Our brands include Manitex, PM, Oil
& Steel, Badger, Sabre, and Valla. The company also has a
minority ownership in ASV Holdings, Inc. which manufactures and
sells a line of high-quality compact track and skid steer
loaders
Forward-Looking StatementsSafe
Harbor Statement under the U.S. Private Securities Litigation
Reform Act of 1995: This release contains statements that are
forward-looking in nature which express the beliefs and
expectations of management including statements regarding the
Company’s expected results of operations or liquidity; statements
concerning projections, predictions, expectations, estimates or
forecasts as to our business, financial and operational results and
future economic performance; and statements of management’s goals
and objectives and other similar expressions concerning matters
that are not historical facts. In some cases, you can
identify forward-looking statements by terminology such as
“anticipate,” “estimate,” “plan,” “project,” “continuing,”
“ongoing,” “expect,” “we believe,” “we intend,” “may,” “will,”
“should,” “could,” and similar expressions. Such statements are
based on current plans, estimates and expectations and involve a
number of known and unknown risks, uncertainties and other factors
that could cause the Company's future results, performance or
achievements to differ significantly from the results, performance
or achievements expressed or implied by such forward-looking
statements. These factors and additional information are discussed
in the Company's filings with the Securities and Exchange
Commission and statements in this release should be evaluated in
light of these important factors. Although we believe that these
statements are based upon reasonable assumptions, we cannot
guarantee future results. Forward-looking statements speak only as
of the date on which they are made, and the Company undertakes no
obligation to update publicly or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
Company Contact |
Manitex
International, Inc. |
Darrow
Associates Inc. |
Steve Kiefer |
Peter Seltzberg, Managing Director |
President and Chief Operating Officer
|
Investor Relations |
(708) 237-2065 |
(516) 419-9915 |
skiefer@manitex.com |
pseltzberg@darrowir.com |
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