Manitou Group announced today its Material Handling and Access division saw sales of $253 million in the fourth quarter, an increase of 21 percent as compared to 2014's $210 million Q4 sales. Growth was realized in all regions except their Asian market which has been affected by a slowdown. Construction, agriculture and industrial material handling industry segments led.
The company's Compact Equipment Products division did not fare as well, experiencing a 29 percent decrease compared to 2014 year-to-year figures. Manitou says the North American rental market's significant drop due to the slowdown in shale gas exploration and general financial uncertainties impacted sales.
Michel Denis, Manitou president and CEO, said "The group experienced a very strong fourth quarter. European demand saw a strong increase throughout all regions, especially in Russia which seems to have left its low point behind." Denis noted the company's anticipated global sales increase of 2 percent will be fueled by French and European markets but tempered by the uncertainty of the North American rental business.
Source: Manitou Group