Manitex International, a provider of engineered lifting solutions including boom truck and rough-terrain cranes, rough-terrain forklifts specialized trailers and special-mission-oriented vehicles, recently announced that its newly formed Italian subsidiary, CVS Ferrari, SRL, entered into an agreement to operate, on an exclusive rental basis, the business of CVS Ferrari.
CVS Ferrari is located near Milan, Italy, and designs and manufacturers a range of reach stackers and associated lifting equipment for the global container handling market. Prior to the economic downturn CVS Ferrari had 2008 annual sales of €71.8 million (about U.S. $90.5 million). The rental agreement has been filed with the Italian court and began July 1.
The court filing also includes an exclusive option to purchase the business at the conclusion of the Italian insolvency process, “Concordato Preventivo.” The option and the remaining terms of the arrangement are pending court approval.
The company initially plans to rent the operations of CVS in Italy, and then acquire the business following approval by the CVS creditors' meeting under the "Concordato Preventivo," process in Italy. The rental period could extend for up to two years, but a shorter period is anticipated. As of the agreement date, CVS has a backlog of orders of approximately $10 million for delivery during 2010.
Manitex International is a provider of engineered lifting solutions including cranes, rough-terrain forklifts, indoor electric forklifts and special-mission-oriented vehicles, including parts support. The Manitex subsidiary manufactures and markets a comprehensive line of boom trucks and sign cranes through a national and international dealership network.
