Manitex International reduces debt by $5.5 million
Manitex International Inc a leading international provider of cranes and specialised industrial equipment, has announced that it has reduced its European bank debt by approximately €4.96M, effective from 20 July 2020. Improvements in working capital, via accelerated inventory turns and other operating cashflow that the company has generated since reporting its first quarter results has enabled the debt reduction and balance sheet improvement.
The European bank debt was retired at a 15% discount to its face value. Steve Filipov, CEO of Manitex International said, “We remain committed to lowering our debt and debt servicing costs, by using every resource possible to strengthen our financial position in a challenging business environment. We have been focused on generating cash from operations over the past few quarters, and this has put us in a good position to reduce some of our European debt, at a discount. Given the continued uncertainty with our end markets, we are going to continue to focus on the things we can control, with aggressive cost management and working capital reductions. This focus will allow us to maintain good liquidity and balance sheet improvement.
Manitex is a leading worldwide provider of mobile cranes (truck mounted, straight-mast and knuckle boom cranes, industrial cranes, rough terrain cranes and railroad cranes), truck mounted aerial work platforms and specialised industrial equipment. Products, which are manufactured in facilities located in the USA and Europe, are targeted at selected niche markets to give its customers a competitive advantage.
Brands include Manitex, PM, MAC, PM-Tadano, Oil & Steel, Badger and Valla.