Manitou Group posted €1.13 billion (about U.S. $1.41 billion) in revenue in 2011 and hopes to double that number over the next three or four years, Manitou CEO Jean-Christophe Giroux told an international gathering of dealers, vendors, suppliers, customers, bankers, analysts and journalists in Puerto Umbria, Spain, last week. Giroux said the company is shooting for revenue of more than €1.3 billion (about U.S. $1.62 billion) this year. Giroux later told a private gathering of journalists that despite the difficulties in Southern Europe, he was optimistic the company could grow at that rate because emerging markets are doubling every few years and rental companies are increasing their capital spending on fleet.
Manitou officials said 44 percent of the company’s business comes from the construction market; 33 percent to the agricultural market and 23 percent to the industrial market.
Giroux also said Manitou may consider future strategic acquisitions to grow the company. Giroux made his comments at “The Festival,” which brought together more than 1,300 dealers, vendors, suppliers, customers, analysts, bankers and journalists in two consecutive two-day periods during which the company showed off its equipment and featured a 600-meter long lane of exhibits highlighting various aspects of the company’s technology and its relationships with a variety of vendor partners.
The Festival included a plenary session to set the stage on vision, strategy and challenges, including many of the group’s top management. The program included 14 conferences on various subjects, a supplier convention and a machine show.