Tadano Invests $32.7 Million in Manitex
May 30, 2018 - Tadano, Ltd. (Tadano) has invested approximately $32.7 million in Manitex International Inc. by buying 2,918,542 shares Manitex common stock. Manitex is a leading international provider of telescopic-boom and knuckleboom cranes.
The shares were purchased at $11.19 each, 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% of Manitex’s outstanding shares of common stock. The transaction is expected to close on or about May 30, 2018.
In connection with the transaction, Tadano may designate one member to the Manitex board of directors. Tadano’s initial designee to the Manitex board is Ingo Schiller, president and chief executive officer of Tadano America Corporation.
“We are pleased to have Tadano as an investor in our company. With over $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, chief executive officer of Manitex.
Koichi Tadano, president and chief executive officer of Tadano commented, “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.”