Welcome to our dedicated page for Manitex International news (Ticker: MNTX), a resource for investors and traders seeking the latest updates and insights on Manitex International stock.
Manitex International, Inc. (Symbol: MNTX) is a prominent North American manufacturer specializing in engineered lifting equipment within the expansive $110 billion U.S. industrial machinery industry. The company's core business focuses on the design, manufacture, and distribution of a diverse range of lifting solutions.
Under the Manitex division, the company is a formidable contender in the $400 million North American boom truck market. The Manitex family encompasses a variety of products, including boom trucks, SkyCrane aerial platforms, sign cranes, and USTC trolley boom products.
The Manitex Liftking division delivers a comprehensive array of rough terrain forklifts, specialized carriers, heavy material handling transporters, and steel mill equipment. These products serve both commercial and military markets, cementing the company's reputation for versatility and reliability.
In addition to its primary products, Manitex International also offers a wide range of support services, such as replacement parts, service support, and training programs. This commitment to after-sales service ensures that customers receive the utmost value from their investments in Manitex equipment.
Manitex International operates through two main segments: Lifting Equipment and Rental Equipment. The Lifting Equipment segment is the primary revenue driver, contributing significantly to the company's financial health. Geographically, the United States remains the dominant market for the company's products.
Recent achievements for Manitex International include advancements in parts ordering and tracking systems, further enhancing customer satisfaction and operational efficiency. The company continues to innovate and expand its product offerings to meet the evolving needs of the industrial machinery sector.
Manitex International (NASDAQ: MNTX) held a special meeting of shareholders to vote on three proposals related to its merger with Tadano . Shareholders approved the merger agreement and a non-binding advisory proposal on executive compensation. Under the agreement, Tadano will acquire all remaining Manitex shares for $5.80 per share in cash. The third proposal regarding meeting adjournment was not necessary due to the approval of the first proposal.
The transaction is expected to close in early January 2025, subject to customary closing conditions. Upon completion, Manitex will be delisted from NASDAQ and become a private company. Brown Gibbons Lang & Company and Perella Weinberg Partners are serving as financial advisors to Manitex and Tadano, respectively.
Manitex International (MNTX) reported Q3 2024 financial results with net revenue of $66.5 million, down 6.7% year-over-year. The company achieved a gross profit of $16.0 million with a 24.1% margin and net income of $0.4 million. The Lifting Equipment Segment revenue decreased 10.1% to $57.3 million, while the Rental Equipment Segment grew 22% to $9.3 million. Notably, Manitex announced an agreement to be acquired by Tadano for $5.80 per share in cash, valuing the equity at $123 million. The transaction is expected to close in early Q1 2025.
Brown Gibbons Lang & Company (BGL) has announced that Manitex International, Inc. (NASDAQ: MNTX) has signed a definitive agreement to be acquired by Tadano in an all-cash transaction valued at $223 million or $5.80 per share, representing a 52% premium over the closing price for the last trading day. Manitex, headquartered in Bridgeview, Illinois, is a leading manufacturer of truck cranes, aerial work platforms, and specialized lifting solutions. The transaction is expected to close in early Q1 2025, subject to shareholder and regulatory approval. BGL's Engineered Equipment investment banking team served as the exclusive financial advisor to Manitex in this strategic acquisition.
Manitex International (NASDAQ: MNTX), a leading provider of specialized industrial equipment, has entered into a definitive agreement to be acquired by Tadano in an all-cash transaction. The deal values Manitex at an equity value of $123 million and a total transaction value of $223 million, including outstanding debt. Manitex shareholders will receive $5.80 per share in cash, representing a 52.2% premium over the company's closing share price on September 11, 2024.
The acquisition is expected to provide Manitex with scale, broader international scope, and access to technology and production synergies. The transaction, unanimously approved by Manitex's Board of Directors, is anticipated to close in early Q1 2025, subject to shareholder and regulatory approvals.
Manitex International (NASDAQ: MNTX) has signed a dealership agreement with First Fleet Truck Sales to support its North American PM crane sales expansion. First Fleet, one of Florida's largest truck crane upfitters, will be certified to sell and support PM Group knuckle boom cranes and Manitex aerial work platforms through its Lake Worth Beach operations center.
This partnership aligns with Manitex's 'Elevating Excellence' strategy launched in early 2023, aiming to add qualified, experienced upfit dealer partners for North American expansion. The collaboration is expected to help Manitex grow market share in Florida and build a world-class support network.
First Fleet, established in 1967, brings over 50 years of experience in upfitting specialty vocational trucks. The partnership is seen as mutually beneficial, with both companies sharing core values and customer focus.
Manitex International (NASDAQ: MNTX) has signed a North American dealership agreement with Bruckner's Truck & Equipment. This partnership aims to support Manitex's expansion of PM crane sales in North America. Bruckner's will sell and support Manitex's full product line, including PM articulating cranes, through its network of 40 support centers across eight states.
This collaboration aligns with Manitex's 'Elevating Excellence' growth strategy, significantly expanding the distribution of PM Group products in the Midwest and Southwestern United States. Bruckner's, a family-owned business since 1932, brings extensive experience in vocational truck applications and a sales support team of over 130 professionals.
Manitex International (Nasdaq: MNTX) reported its second quarter 2024 financial results, showing a net revenue increase of 3.7% to $76.2 million. Gross profit grew by 14.9% to $17.2 million, with a gross margin of 22.5%, up 220 basis points. Net income rose to $1.5 million, or $0.07 per diluted share, and adjusted net income was $2.2 million, or $0.11 per diluted share. Adjusted EBITDA saw a 19.0% increase to $8.1 million, achieving a margin of 10.6%, up 137 basis points. The company reduced its net debt by $2.4 million from Q1, with a net leverage of 2.5x.
Despite macro uncertainty and high interest rates affecting order patterns, Manitex maintained a strong outlook, reiterating its full-year adjusted EBITDA guidance. However, it revised its full-year revenue guidance to $290-$300 million due to recent order trends.
Manitex International (Nasdaq: MNTX), a leading provider of truck cranes and specialized industrial equipment, has announced its second quarter 2024 results conference call and webcast date. The company will release its Q2 2024 results before the market opens on Wednesday, August 7, 2024. A conference call will be held at 9:00 a.m. ET on the same day to review financial results, discuss recent events, and conduct a Q&A session.
Investors can access the webcast and presentation materials through the company's website. Teleconference participation is also available, with domestic and international dial-in numbers provided. A replay of the teleconference will be available until August 21, 2024.
Manitex International (NASDAQ: MNTX), a global provider of truck cranes and specialized industrial equipment, announced its participation in the Northland Growth Conference on June 25, 2024. CEO Michael Coffey and CFO Joseph Doolan will represent the company at the virtual event. They will also engage in one-on-one meetings with investors who have registered for the conference. For additional information, interested parties are encouraged to contact their Northland salesperson.
Manitex International (NASDAQ: MNTX) has announced the resignation of Shinichi Iimura from its Board of Directors, effective June 17, 2024, due to personal health reasons. He is succeeded by Takashi Fukui, effective June 18, 2024. Fukui, an industry veteran with over 30 years of experience, will support Manitex's Elevating Excellence transformation strategy. His background includes extensive work in global manufacturing, sales, and distribution, primarily with Marubeni and Tadano. Fukui's multinational experience is expected to be a valuable asset to the company's ongoing growth and strategic initiatives.
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