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TADANO COMPLETES MANITEX ACQUISITION

Takamatsu, Japan – January 2, 2025. Tadano has announced the successful completion of its acquisition of Manitex International as of January 2. Consequently, Manitex is now a wholly owned subsidiary of Tadano Ltd., and its shares are no longer listed on Nasdaq.



On September 12, 2024, Tadano revealed its intentions to acquire all remaining shares of Manitex that it did not already own, following its initial investment in Manitex in 2018, which amounted to 14.5% of the outstanding common shares at the time of the announcement.


Tadano’s Mid-Term management plan delineates the company’s growth strategy, emphasizing its commitment to exploring new areas. The acquisition of Manitex represents a pivotal advancement in this strategy, aimed at further diversifying the Tadano product portfolio while maintaining a steadfast dedication to the lifting equipment sector. In addition to expanding its range of crane models, this strategic acquisition introduces mobile truck cranes and aerial work platforms to the Tadano portfolio, facilitating the company's expansion into these markets on a global scale.



In response to the acquisition, Toshiaki Ujiie, President, CEO, and Representative Director of Tadano, stated: “We are pleased to welcome Manitex as the newest members of the global Tadano team. Tadano holds a strong global market share in large cranes. While we are market leaders in Japan for truck loader cranes and aerial work platforms, replicating this success internationally has been a challenge. By merging the engineering, sales, and service expertise of both organizations, we can swiftly enhance Tadano's global presence in these sectors, thereby better supporting our customers' lifting requirements and fostering innovation. Together, we will strive for excellence, grow robustly, achieve remarkable milestones, and reach new heights.”


Hiroshi Nishizaki will take on the role of Chairman of the Board for Manitex International, bringing a wealth of experience in managing construction machinery businesses within the United States. Dean Barley, the current President and CEO of Tadano America Corporation and Tadano Mantis Corporation, will also assume the position of President & CEO of Manitex International, in addition to his existing responsibilities.


Dean Barley - CEO Tadano America Corp.

The former executives—Dave Langevin, Chairman of the Board; Michael Coffey, CEO; and Joseph Doolan, CFO—will step down today but will remain with the organization during a transitional period as interim advisors to the new management and the Tadano team prior to their departure.


The product line acquired serves the infrastructure, heavy industry, and general construction markets, including Manitex mobile truck cranes, PM knuckle boom cranes, Valla small electric cranes, and Oil & Steel aerial work platforms. Furthermore, Tadano will benefit from five engineering and manufacturing locations across North America and Europe, in addition to acquiring Rabern Rentals.

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