Japanese crane and aerial lift manufacturer Tadano has acquired a 14.9 percent stake in US boom truck, loader crane and platform manufacturer Manitex.
Tadano has paid $32.6 million for the stake, putting a value on Manitex of almost $219 million. 

Tadano says that the investment is part of its “long term goal of becoming the world’s number one Lifting Equipment manufacturer and part of its efforts to further accelerate its globalisation.”

Manitex is arguable the leading manufacturer of boom trucks, but also owns PM loader cranes, Valla pick& carry cranes, Badger specialist and Rough Terrain cranes and Oil & Steel platforms. 

A statement from Tadano said: “Through complementary product portfolios, Tadano believes that it will be able to meet a wider range of customers’ needs by working together with Manitex. Tadano and Manitex have agreed to build the relationship through the Investment and promote cooperation such as mutual supply of products, technological collaboration and joint procurement.”

The investment is also expected to increase Manitex revenues, by providing access to the Tadano’s global distribution network, while strengthening its financial base through providing capital to accelerate growth. Manitex will appoint a new director, to be nominated by Tadano, in June.

Manitex reported a 23 percent hike in annual revenues in 2017 to $213.1 million, while pre-tax losses were slightly reduced from $8 million in 2016, to a loss of $7.5 million in 2017. First quarter sales jumped 41 percent to $56.7 million, on a like for like basis, while pre-tax losses were halved to $1.38 million. The company employs 561.