Manitex invests in Tadano, Ltd.

Manitex International, Inc. recently announced the investment by Tadano, Ltd. of approximately $32.7 million in Manitex common stock.

The purchase amounts to $2,918,542 shares of the company’s common stock. The shares were purchased at $11.19 per share, which is the volume-weighted average price of Manitex’s common stock on The Nasdaq Capital Market over the last 30 trading days.

Upon closing of this transaction, Tadano will own 14.9 percent of Manitex’s outstanding shares of common stock.  In addition, in connection with the transaction, Tadano has a right to designate one member to the company’s board of directors.  Ingo Schiller, president and CEO of Tadano America Corporation will be the initial member of the board of directors designated by Tadano. The transaction was expected to close on or about May 30, 2018.

“We are pleased to have Tadano as an investor in our company. With more than $1.7 billion in global annual sales, it is one of the premier crane companies in the world, with products and distribution channels that are complementary to ours. Tadano is a global leader in all-terrain and rough-terrain cranes and aerial work platforms. We see multiple opportunities to benefit from this strategic partnership and to take advantage of the currently favorable industrial environment,” commented David J. Langevin, CEO of Manitex.

 “We are pleased to announce our investment in Manitex. We are hopeful that our strategic alliance with Manitex will assist in our mutual, future growth and profitability. Manitex is a recognized market leader in boom truck cranes, with its exceptionally strong brand and North American distribution, as well as its world-wide presence in the knuckle-boom market. It is our hope that our investment will help the company’s continued progress both in the North America and internationally,” says Koichi Tadano, president and CEO.