In regard to the cultures fitting, Manitou was already a major shareholder of Gehl.

Yes, exactly. We started our relationship in 2004. Gehl was distributing some of our machines and we were distributing some of theirs. At that point, we took 15-percent ownership in the company. So we've been working together closely for the past four years, learning one another's culture. It's like a marriage; you have to make sure there's compatibility. So far it has been successful.

Will you maintain the Gehl brand name?

Yes, absolutely. A big part of the value of the company is the brand and the network. So our intent is to keep the Gehl, the Mustang and the Manitou brand names present in the market. Our business model envisions three networks, three brands and making sure that those brands are nurtured and gain market share. With increased market penetration, you can take care of your customer better, and have better support systems.

Where will the manufacturing take place?

In three locations here in the U.S. One is Yankton, S.D., where we manufacture the telescopic machines under the Gehl and the Mustang brands. The plant was expanded about a year ago. It's got good capacity, good manpower and it's tooled for telehandlers. It's a very efficient plant. We may add some telehandlers that are currently built in Europe, just so we have a good mix of product here for the American marketplace.

Our second plant is in Madison, S.D., where we build all the skid-steer loaders, Gehl and Mustang branded. It's a specialized production facility for skid-steers. In our Waco, Texas, facility, we will continue to build the masted, rough-terrain forklifts, and the truck-mounted forklifts, the more specialized products that tend to be more custom-built.

Is the ability to do custom orders one of the main strengths of your manufacturing?

For some products, yes. This has been our approach with the Manitou brand for many years in the U.S. We're a niche marketer, we tend to handle smaller volumes, but wider specs. For some other products, such as construction telehandlers, our strength lies in being an efficient, low-cost manufacturer.

How do you think the economy will be in 2009, and how long will it take to turn around?

I have no great expectation for '09. Maybe a little uptick hopefully towards the end of the fourth quarter, but the problems facing the economy are such that it's not going to happen in one month or two months. We are prepared for the most part to weather a tough year and be ready when things break loose again.

Do you find conditions pretty much the same around the world?

Yes. That's what is different this time around. We've seen a very sudden slowdown back in September and October of last year around the world. Typically business will slow down in one area and then take a few months to migrate to other places in the world, whereas this time it has stopped everywhere and I think it's primarily because there is no credit available. We're sitting on many orders for customers who want and need the equipment, but are having a tough time getting financing for those machines. So it's not like the world has stopped — the world has stopped financing.

Even among customers that have good credit?

Yes, absolutely, and many have been in business for a long time, but can't get a bank to lend money. That's the big issue and I think it will take a stabilized and healthier banking system before we see a recovery.

Any thoughts on what rental companies can do during this period?

They are a smart group of people. The rental world has come a long way. I think they do a great job at managing their businesses and I wouldn't be in a position to tell them what to do. Obviously, for some of our product anyway, we depend on the rental marketplace, but we can't force them to take product if they don't need it. The economic slowdown is creating new issues and new needs for the rental industry, and we, as a vendor, want to be aware of and responsive to those needs.