Manitex International Sells Load King Subsidiary

January 7, 2015 - Manitex International Inc. has sold its Load King subsidiary to Utility One Source. The transaction, which closed December 28, 2015, produced gross proceeds of $6.525 million in cash, with net proceeds of approximately $6.2 million to Manitex International Inc.

 

Manitex will use the proceeds to repay bank debt, according to the company. David J. Langevin, Manitex Chairman and CEO, said the divestiture of Load King “is one of several actions we are taking to reduce the company’s indebtedness and focus on our higher margin core lifting businesses, which remain our top corporate priorities heading into 2016."