Terex sell Load King to Manitex International

[IBH]

Manitex International, a provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles, has acquired the assets and certain liabilities of Elk Point, S.D.-based Load King Trailers, from Genie Industries, a subsidiary of Terex Corporation, for a total consideration of $3.1 million, consisting of a promissory note of $2.75 million, Manitex shares valued at $250,000 and cash of $100,000. Load King’s last five years average annual revenues were approximately $23 million.

“We anticipate moderate revenue and cash flow contributions in the second half of 2010 from Load King, with a more substantial impact occurring in following years as construction equipment sales growth accelerates with the recovery of this sector,” said Andrew Rooke, president and COO, Manitex International.

http://www.equipmentworld.com/articles. ... 3700&z=682
http://www.khl.com/magazines/internatio ... rom-Terex/