Aug 25 2010
Manitex International, Inc. (Nasdaq: MNTX), a leading provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles, today announced that the Company's Manitex Liftking material handling subsidiary had received a new three year contract, with an additional two year option, for the supply of specialized material handling equipment for an international agency. The total value of the contract, including the option, is approximately $10 million.
Mark Aldrovandi, responsible for military, government and international agency sales for Manitex Liftking commented, "This new contract for the supply of up to fifty of our rough terrain forklifts is a significant addition to the existing contract for our high tonnage specialized units that we secured in 2009. This contract, encompassing several different product configurations, is testament to the confidence our customer has gained over the last year from our performance, not only in terms of delivery and service, but also from some extremely tough, in the field, experience and validation with our units."
The new contract which is guaranteed for three years and has an additional two year option, includes requirements for four different capacity rough terrain forklifts to be supplied for service in international locations including Africa, Europe, Central America and the Middle and Far East. Initial deliveries are anticipated to commence in the first quarter of 2011. The contract requires supply of both new units and spare parts.
Andrew Rooke, President and Chief Operating Officer for Manitex International commented, "Manitex Liftking continues to demonstrate the strength of product, service and customer support required to succeed internationally. We are extremely pleased to be awarded this additional contract which we see as recognition of meeting and exceeding customer expectations on the original contract we received, as well as the strength and depth of our product line. We anticipate further opportunities to build on this success and secure additional orders in the future, as we look to further penetrate international growth markets, and diversify our revenue profile."