“We are very excited to add the Liftking Rough Terrain Forklift and Military line to our family of companies and look forward to building on the efforts that the previous ownership incorporated in making them one of the leading Rough Terrain Forklift and Material Handling manufacturers in North America ” said Mike Lanigan, executive at Lanco.
Manitex International has sold its LiftKing subsidiary to Lanco, a newly formed subsidiary of Mi-Jack Products for $14 million to focus on its higher margin core lifting business and to cut down debt. The net cash proceeds of about $13.3 million from the sale will be used to pay down the company’s North American bank debt.
Liftking, best known for its rough-terrain forklifts, came under the Manitex umbrella by acquisition in November 2006 for $7.1 million. Liftking, based in Toronto, Canada was founded in 1968, with a focus on providing engineered lifting solutions in a variety of material handling field’s, specializing in Rough Terrain Forklifts. Their unique experience has made them the industry leader in specialized forklifts used around the world. They also offer a complete line Yard Transporters from 100-750 Ton capacity.
Lanco, with companies in manufacturing, distribution, entertainment, transportation, and technology is led by its flagship company, Mi-Jack, the nation’s leading manufacturer of rubber tired gantry cranes. Along with Mi-Jack, Liftking joins the other Lanco manufacturing companies of Broderson cranes and Greenfield specialty equipment.
Based in Hazel Crest, Ill., Mi-Jack is a privately held manufacturer and service provider for rubber and track mounted gantry cranes and industrial cranes catering to intermodal and industrial markets.
“This new acquisition fits very well with the goals and reputation that we built over the years. Liftking has a well established network of dealers and customers who have been very satisfied with the reliability and quality of the Liftking products. That’s what we were most impressed with this company and we will to continue to build on that tradition,” Concluded Lanigan.
The divestiture is in alignment with Manitex’s corporate program that focuses its resources on higher margin core lifting businesses and to reduce its indebtedness. These remain the company’s top corporate priorities for this year and next. Manitex during its second-quarter conference call had stated that sales of non-strategic businesses combined with other incremental working capital and operating cash flow may enable the company to exceed its previously stated target of $45 million in debt reduction for calendar year 2016.
Manitex International is based in Bridgeview, Ill.
