Japanese giant acquires 14.9% of US crane maker
Japan’s Tadano has taken a 14.9% stake in Manitex International, after purchasing almost three million shares in the US crane and access equipment manufacturer.
Tadano said it bought 2,918,542 Manitex shares for around $32.7m at $11.19 per share. The Japanese crane as access equipment maker has exercised its right to appoint a member to the Manitex board by designating Ingo Schiller, president and CEO, Tadano America Corporation.
“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,” said Koichi Tadano, Tadano president and CEO.
“Manitex is a recognised market leader in boom truck cranes, with its exceptionally strong brand and 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.”
David Langevin, Manitex CEO, said: “We are pleased to have Tadano as an investor in our company. With over $1.7bn 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 favourable industrial environment.”