“We demonstrated solid improvements by almost every measure in the performance of our business in the second quarter,” commented David Langevin, Veri-Tek Chairman and Chief Executive Officer. “With the continued strength of our end markets, specifically infrastructure, oil and gas, mining and commercial construction, we remain enthusiastic about our ability to execute our growth strategy. The recent acquisition of the Noble forklift product line further strengthens our presence in the higher margin material handling segment.”
He also said that he expects that operational changes including production measures and supply chain and sourcing improvements improved the second-quarter results and will continue to have an effect later in the year.
The company reduced its $40m debt by $1.6m in the second quarter.
Veri-Tek announced two weeks ago that it had bought the Noble rough-terrain forklift business from GT Distribution for $4.2m.
“The Noble product line, was originally designed and marketed by Caterpillar in 1983, and was subsequently marketed through Eagle Pitcher’s dealer network,” Langevin said. “Noble has a reputation for providing durable, innovative and high quality products, and as a result, the Noble product has benefited from very strong distribution, and has a large installed base giving rise to a healthy after-market parts business. Moreover, this acquisition will benefit from our current operating manufacturing base and adds breadth to our existing Liftking rough terrain forklift product line without increasing our existing facilities or manpower.”
The 45 US ton-capacity Manitex 4596T boom truck Manitex 4596T
