Tadano has invested $32.7 million in Manitex International, the company reported this week, through the purchase of 2,918,542 shares of its common stock. Tadano will own 14.9 percent of the outstanding shares.
The shares were purchased at $11.19 per share, which is the volume weighted average price of Manitex’s common stock on The Nasdaq Capital Market over the last 30 trading days.
“We are pleased to have Tadano as an investor in our Company," said David J. Langevin, Manitex CEO, in a company announcement. "With over $1.7 billion in global annual sales, it is one of the premier crane companies in the world, with products and distribution channels that are complementary to ours. Tadano is a global leader in all-terrain and rough-terrain cranes and aerial work platforms. We see multiple opportunities to benefit from this strategic partnership and to take advantage of the currently favorable industrial environment”
Koichi Tadano, President/CEO of Tadano said, “We are pleased to announce our investment in Manitex. We are hopeful that our strategic alliance with Manitex will assist in our mutual, future growth and profitability. Manitex is a recognized market leader in boom truck cranes, with its exceptionally strong brand and North American distribution, as well as its world-wide presence in the knuckle boom market. It is our hope that our investment will help the company’s continued progress both in the North America and internationally.”
In addition, in connection with the transaction, Tadano has a right to designate one member to the company’s board of directors. Ingo Schiller, President/CEO of Tadano America Corp. will be the initial member of the Board of Directors designated by Tadano. The transaction is expected to close on or about May 30, 2018.