Crane and Machinery is an authorized dealer for Terex rough terrain and truck cranes, Fuchs material handlers, Manitex boom trucks and sign cranes, and secondhand equipment, parts and services.
Schaeff designs, manufactures and sells a line of indoor electric sit-down and standup forklifts. Manitex International already owns three other forklift manufacturers: rough terrain forklift makers Liftking and Noble, and indoor forklift maker Lowry.
Andrew Rooke, President and Chief Operating Officer of Manitex International commented, “The acquisition of Crane, which has approximately 25% of its revenue derived from international markets, supports our diversification strategy and adds scale to our existing replacement parts business. We expect Crane’s distribution network to accelerate our penetration into international markets, which is a key part of our growth strategy. Its substantial after-market service and parts business, accounting for 30% of its annual revenues, is recurring and derived from its well established reputation for customer service. The Schaeff electric forklift is a niche product that will complement our material handling offering. We expect the acquisition to be accretive to our net income beginning in the current quarter.”
Paul Zaremba, General Manager, Crane and Machinery, commented, “Manitex’s leadership position, financial strength and proven commitment to outstanding products and service will enable us to expand our offering to our customers. We are excited with the opportunity this provides for the expansion of the Crane business, becoming part of the Manitex International group and contributing to the establishment of an integrated world-class capital equipment company.”