Manitex International, a provider of engineered lifting products, has completed the acquisition of Valla SpA of Piacenza, Italy.
Manitex International, a provider of engineered lifting products, has completed the acquisition of Valla SpA of Piacenza, Italy. The acquisition closed on Nov. 30, 2013, for a total potential consideration of up to $1.2 million, principally based on an earn-out provision. Valla is expected to be accretive to Manitex International's earnings in 2014.
Valla's product line includes a range of mobile cranes using electric, diesel and hybrid power options.
"Valla has a well-established brand name in mobile, industrial cranes, and we are excited to add another outstanding product line to broaden our crane portfolio,” said Andrew Rooke, president and chief operating officer of Manitex International. “This transaction is another example of our commitment to growing our business in a prudent and measured fashion for our shareholders and provides us with additional presence overseas. It also increases our product offering worldwide which we believe will contribute nicely to our future growth as the global economies show more concrete signs of recovery."