Manitex International (NASDAQ:MNTX) has secured a contract valued at $2.5 million from Collé Rental & Sales for Valla electric cranes, marking the largest single Valla order in its 75-year history. The order includes over 30 cranes, featuring electric, zero-emissions models, and will enhance Collé's rental fleet. Collé also has the option to purchase an additional $1.9 million worth of cranes in 2021. This partnership highlights Manitex's focus on sustainable industrial equipment.
Manitex International (NASDAQ:MNTX) announced a $2.5 million contract to supply knuckleboom cranes for an international military entity, with production starting late 2020. An optional $2.3 million is available for additional deliveries. This contract follows a recovery in Manitex's knuckleboom crane segment after COVID-19 delays. The company also expanded its distribution network by adding Atlantic & Southern Equipment and Keystone Crane Services. Both dealers will support Manitex’s product lines, aiming to strengthen its market presence.
Manitex International, Inc. (NASDAQ:MNTX) has successfully completed the sale of its subsidiary, Manitex Sabre, to Super Steel, LLC for $1.5 million in cash, along with potential royalties approximating $2.9 million based on future Sabre revenues. The transaction, which closed on August 21, 2020, supports Manitex's strategy to focus on core crane businesses and improve its financial position. Cash proceeds will be directed towards debt repayment, and a modest gain from this sale is expected in Q3 and Q4 2020 financial reports.