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Tadano Ltd. has finalized its acquisition of Manitex International, transitioning Manitex into a wholly owned subsidiary as of Jan. 2. With the deal complete, Manitex shares have been delisted from Nasdaq.
This acquisition follows Tadano’s September 2024 announcement to purchase the remaining shares of Manitex, of which Tadano already owned 14.5% since its initial investment in 2018. The move aligns with Tadano’s mid-term management plan, designed to strengthen its presence in the lifting equipment industry and broaden its product offerings, including mobile truck cranes and aerial work platforms.
"We welcome Manitex as the newest members of the global Tadano team. Tadano enjoys a strong global market share in large cranes. In Japan, we are market leaders in truck loader cranes and aerial work platforms but have not yeat been able to duplicate this success outside of the country," Tadano President and CEO Toshiaki Ujiie said.
"Combining the engineering, sales and service expertise of both companies allows us to rapidly expand Tadano's global presence in these areas, so we can better support our customers' lifting needs and further innovate. Together, we will work hard, grow strong, achieve great things and reach new heights."
Hiroshi Nishizaki has been appointed chairman of Manitex International, bringing a wealth of experience in U.S. construction machinery operations. Dean Barley, currently president and CEO of Tadano America Corporation and Tadano Mantis Corporation, will also assume the role of Manitex’s president and CEO.
Outgoing executives Dave Langevin, Michael Coffey and Joseph Doolan will assist in the transition as interim advisors before departing the company.
The acquisition marks a pivotal step in Tadano’s strategy to diversify its offerings and enhance its competitive position in the global market for lifting solutions.
