Manitex International, a leading provider of engineered lifting solutions including boom truck cranes, rough-terrain forklifts, container handling equipment and special-mission-oriented vehicles, last week announced that its Italian subsidiary, CVS Ferrari srl, received Italian Court approval to acquire certain assets of CVS SpA under the Italian bankruptcy law. The acquisition cost of acquired assets and the assumption of certain miscellaneous liabilities totals $5.1 million, payable in installments over a three-year period without interest. Completion of the purchase is anticipated in the coming weeks and will mark another step in the company's global expansion plans into attractive international markets.
Since July 2010, Manitex International, through its subsidiary CVS Ferrari srl, has been utilizing certain assets of CVS SpA in liquidation under a rental agreement approved through the Italian bankruptcy process, Concordato Preventivo. Recently, the Court responsible for the liquidation of the CVS SpA assets approved the final liquidation plan for CVS SpA, which includes the purchase by Manitex International's subsidiary, CVS Ferrari srl, of drawings, designs and certain manufacturing assets for approximately $4.4 million. No other historical liabilities of CVS SpA, such as debt, contracts or employee liabilities are being assumed and CVS Ferrari srl intends to continue to operate in Cadeo, Italy.
"We are very pleased to be finalizing this transaction, which will allow us to consolidate and grow our position in the global container handling market,” said David Langevin, chairman and CEO of Manitex International. “The CVS Ferrari name and product design have a long-standing and respected history, and we are excited to continue investing in and supporting its future growth within the Manitex group. From the start, our container handling equipment business has been a profitable contributor to the group, and with the transition from renting, to the acquisition of the CVS product line, our commercial efforts will be significantly enhanced and ensure that our customers have increased confidence in our product offering. In addition, I anticipate that this will provide enhanced growth opportunities for Manitex International on a global scale."
Headquartered in Bridgeview, Ill., Manitex International is a leading provider of engineered lifting solutions including cranes, rough-terrain forklifts, indoor electric forklifts and special-mission-oriented vehicles, including parts support.