Manitex goes to Veri-tek

Veri-Tek International has issued a letter of intent to acquire the operating assets of boom truck manufacturer Manitex, Inc, in the US. While the terms and conditions of the transaction were not disclosed, Manitex has been for sale for several months, with Palfinger and other construction equipment manufacturers having inquired about purchasing the company.

Michigan-based Veri-Tek manufactures testing equipment for engines, axle assembly stations, and driveshaft assembly stations. Due diligence is ongoing and the sale is set to close in April. Manitex chairman and CEO David Langevin will assume the role of Veri-Tek chairman. Manitex previously was a subsidiary of Manitowoc Company, which sold the company in 2002 after purchasing Grove, which owned National Boom Trucks. Manitex is owned by Quantum Value Partners, an investment company.

Manitex posted $62 million in revenues for 2005 and has a significant backlog, according to a company press release.