Manitex International Inc. said Thursday it has completed its $91 million purchase of an Italian crane manufacturer.
Bridgeview-based Manitex is an international provider of cranes, forklifts and other specialized equipment. PM Group S.p.A makes truck-mounted, hydraulic knuckle boom cranes.
“Knuckle booms cranes have been gradually gaining traction in the North American markets in the past few years, and we believe that this is a very exciting opportunity for Manitex and our shareholders,” chairman ad CEO David J. Langevin said in a news release.
“We have already begun the planning process for additional knuckle boom production here in North America, and expect to introduce this exciting new product line throughout our North American dealerships this year.”
Manitex earned $6.6 million on revenue of $197.2 million in the nine months ended Sept. 30, 2014.
A PM Group crane | PM Group S.p.A