Manitex International, Inc. Announces Follow on Order for Knuckleboom Cranes Valued at Approximately $1.7 Million

Rhea-AI Summary

Manitex International, Inc. (MNTX) has secured $1.7 million in follow-on orders for knuckleboom cranes from an international military entity, with production expected to begin in the second half of 2021. CEO Steve Filipov highlighted the company’s commitment to expanding its presence in the global truck-mounted articulating crane market, noting a strong order intake across diverse sectors including military, forestry, utilities, and construction. This order follows an initial contract announced in September, reinforcing expectations for ongoing business relationships with this client.

Positive

• Awarded $1.7 million in follow-on orders for knuckleboom cranes.
• Production expected to start in the second half of 2021.
• Strengthening market presence in diverse sectors, including military and construction.

Negative

• None.

BRIDGEVIEW, IL / ACCESSWIRE / April 28, 2021 / Manitex International, Inc. (NASDAQ:MNTX), a leading international provider of cranes and specialized industrial equipment, today announced that it has been awarded $1.7 million in follow-on orders to supply knuckleboom cranes to an international military entity. Production is anticipated to start in the second half of 2021.

Steve Filipov, Chief Executive Officer of Manitex International, Inc., commented, "Our commitment to becoming a more significant participant in the global truck-mounted articulating ("knuckle-boom) crane market has continued to produce results for Manitex. We have refocused the global sales team here at Manitex, and we continue to see strength in bookings at PM, in a very diverse group of end-markets, from military and defense, to forestry, utilities, and general construction."

"When we announced the initial order in September, we noted potential for additional significant follow-on business. We are very excited that this customer has chosen to do additional business with us and we look forward to a long-term relationship as a trusted supplier to this entity," concluded Mr. Filipov.

About Manitex International, Inc.

Manitex International, Inc. is a leading worldwide provider of highly engineered mobile cranes (truck mounted straightmast and knuckle boom cranes, industrial cranes, rough terrain cranes and railroad cranes), truck mounted aerial work platforms and specialized industrial equipment. Our products, which are manufactured in facilities located in the USA and Europe, are targeted to selected niche markets where their unique designs and engineering excellence fill the needs of our customers and provide a competitive advantage. We have consistently added to our portfolio of branded products and equipment both through internal development and focused acquisitions to diversify and expand our sales and profit base while remaining committed to our niche market strategy. Our brands include Manitex, PM, MAC, PM-Tadano, Oil & Steel, Badger and Valla.

Forward-Looking Statements

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact:

Manitex International, Inc.
Steve Filipov
Chief Executive Officer
(708) 237-2054
sfilipov@manitex.com

Darrow Associates, Inc.
Peter Seltzberg, Managing Director
Investor Relations
(516) 419-9915
pseltzberg@darrowir.com

SOURCE: Manitex International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/642546/Manitex-International-Inc-Announces-Follow-on-Order-for-Knuckleboom-Cranes-Valued-at-Approximately-17-Million

FAQ

What is the recent order value for Manitex International, Inc. (MNTX)?

Manitex International, Inc. has received a follow-on order valued at $1.7 million.

When is production expected to start for the new orders at Manitex (MNTX)?

Production for the new orders is anticipated to start in the second half of 2021.

Which markets is Manitex International focusing on with the new orders?

Manitex is focusing on diverse markets including military, forestry, utilities, and general construction.

Who commented on the follow-on orders for Manitex International (MNTX)?

Steve Filipov, the CEO of Manitex International, commented on the follow-on orders.

What type of cranes is Manitex supplying in the recent order?

Manitex is supplying knuckleboom cranes in the recent order.