Manitex International, Inc. Announces $30M - $45M Contract Award For Specialized Military Equipment Over Next 5 Years
Manitex International, Inc. (Nasdaq: MNTX), a leading international provider of cranes and specialized material and container handling equipment, today announced that its Manitex Liftking subsidiary has been awarded its third military contract for specialized military specification equipment from the US Navy for orders valued at approximately $30 -$45 million over the next five years.
Similar to previous contract awards from the Navy, this lift-truck will require some engineering and custom configurations, and a thorough performance testing protocol, including EMI and Hi-Shock testing, and the timeline for first deliveries is projected as either late 2015 or early 2016. Along with the contract, Manitex received firm orders for approx. $4.7M that will be additive to our order book. This award from the US Navy brings the value of contracts for deliveries in the next five years secured by Manitex Liftking in the past fourteen months for six different truck models with a range of $75M to $125M in total value.
Mark Aldrovandi, Director of Sales for Manitex Liftking commented, "We are proud to be a supplier of choice to the US Navy for material handling equipment, and look forward to delivering the rugged and durable lift-trucks they count on to handle their critically important logistical support and transport activities."
Jeff Cockerton, General Manager for Manitex Liftking added, "We are very excited to get this order from the US Navy, which is among the world's leading military organizations, and maintains very stringent and demanding product specifications to support their operations in the field. With this third contract award we have a very solid level of military business for our Canadian facility that will provide a foundational platform for our growth over the next five years. Our business with this important customer continues to grow, and we always look forward to the opportunity to contribute to the safety, security, and success of our country's and our allies' servicemen, here and abroad."
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