26.08.2020

Manitex finds buyer for Sabre

Manitex has agreed the sale of its Sabre tank subsidiary to Milwaukee based Super Steel for $1.5 million in cash, plus royalties based on future Sabre revenues which had the potential to generate a further $2.9 million - see: Manitex to sell Sabre business. Manitex anticipates booking a modest gain on the sale during the fourth quarter.

Manitex chief executive Steve Filipov said: “We are pleased to announce a transaction with Super Steel for Manitex Sabre as part of our effort to maintain our focus on crane businesses and strengthen our financial position for future growth. We believe it is a great fit for Super Steel and their growth objectives, and we look forward to helping them make an efficient and smooth transition to their manufacturing platform and stewardship.”