Manitex to Buy Valla Cranes
In its third quarter financial report, Manitex International announced that it will acquire Valla SpA, an Italian manufacturer that builds pick-and-carry cranes with lifting capacities from 2.5 to 90 tons. Targeted for markets like petrochemical, construction, aerospace, and automotive, the Valla product acquisition is in line with Manitex’s strategy to grow through new product development and through complementary acquisitions.
“Although not expected to contribute materially to our results in the immediate term, it has a unique array of highly desirable crane products that complement our niche crane offerings, extending our product portfolio and enhancing our overall market position,” said Andrew Rooke, Manitex International President and Chief Operating Officer. “Valla reported 2012 annual revenues of approximately $7.5 million and EBITDA of $0.7 million.”
The closing, which is subject to the execution of definitive documentation, is expected shortly.