Rolston added, “This market is growing at a double-digit rate while the North American market continues to lag. Upon Russian crane certification, which is expected in June, we expect initial deliveries of Manitex S-series 3002, 4002, 5002 (30 to 50 ton) as early as July 2008.”
Andrew Rooke, president and chief operating officer of Manitex parent Veri-Tek added, “We believe that Russia’s growing economy will continue to spur demand for infrastructure development. The introduction of our high quality and competitively priced capital equipment offers excellent value to DSC’s customers. This milestone agreement enables us to participate in the Russian economic boom and contribute to financial performance during this year and beyond.
‘In addition to the infrastructure build now taking place in Russia, it is a region with substantial natural resources. Consequently, high commodity prices should continue to benefit mining, energy development and construction subsectors. This new agreement marks the second international distribution agreement we have signed this year as we pursue our objective of extending our geographic market and reducing our dependence on North America.”
