MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
Company Sells CVS Ferrari srl
On December22, 2016, Manitex International, Inc. (the Company)
completed the sale of its CVS Ferrari S.r.l. (CVS) subsidiary to
two Italian companies BP S.r.l. and NEIP III S.p.A. (collectively
the Purchasers) for $5 million in cash, and the assumption of $14
million of net CVS debt (the Transaction). The Transaction was
consummated to a Sale and Purchase Agreement between the Company
and the Purchasers (the Purchase Agreement). The Purchasers are
privately-held manufacturers and service providers for terminal
handling equipment provided around the world. As part of the
transaction, the Company retained the operations of CVSs Valla
division, which offers a full range of electric precision pick
and carry cranes.
The description of the terms and conditions of the Purchase
Agreement set forth herein does not purport to be complete and is
qualified in its entirety by reference to the full text of the
Purchase Agreement, which is attached as Exhibit 2.1 to this
Current Report on Form 8-K and incorporated herein by reference.
| Item2.01. | Completion of Acquisition or Disposition of Assets. |
The information set forth in the first paragraph under Item1.01
of this Current Report on Form 8-K is incorporated herein by
reference.
The Unaudited Pro Forma Condensed Consolidated Financial
Statements of the Company and the related notes thereto giving
effect to the Transaction are attached hereto as Exhibit99.2.
| Item7.01. | Regulation FD Disclosure. |
A copy of the press release issued by the Company announcing the
closing of the Transaction is furnished as Exhibit 99.1 to this
Current Report on Form 8-K.
| Item9.01. | Financial Statements and Exhibits. |
(b) Pro forma financial information.
Attached as Exhibit 99.1 hereto and incorporated by reference are
an unaudited pro forma consolidated statement of financial
condition as of September30, 2016 and unaudited pro forma
consolidated statements of operations for the nine months ended
September30, 2016 and the year ended December31, 2015, in each
case giving pro forma effect to the sale of CVS.
| (d) |
Exhibits. |
See the Exhibit Index set forth below for a list of exhibits
included with this Current Report on Form 8-K.
to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| MANITEX INTERNATIONAL, INC. | ||
|
By: |
/S/ David H. Gransee |
|
|
Name: |
David H. Gransee | |
|
Title: |
Vice President and CFO |
Date: December28, 2016
EXHIBIT INDEX
|
Exhibit Number |
Description |
|
| 2.1 |
Sale and Purchase Agreement by and among Manitex International, Inc., BP S.r.l. and NEIP III S.p.A.* |
|
| 99.1 | Press Release dated December 27, 2016 | |
| 99.2 |
Unaudited condensed pro forma financial information of Manitex International, Inc. |
| * |
The registrant has omitted schedules and similar |
About MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX)
Manitex International, Inc. is a provider of engineered specialty lifting and loading products. The Company operates in three business segments: the Lifting Equipment segment, the A.S.V., LLC (ASV) segment and the Equipment Distribution segment. Through its Lifting Equipment segment, the Company designs, manufactures and distributes a diverse group of products that serve various functions and are used in a range of industries. In the ASV segment, the Company manufactures a line of compact rubber tracked and skid steer loaders. In the Equipment Distribution segment, the Company markets products used primarily for infrastructure development and commercial construction applications that include road and bridge construction, general contracting, roofing, scrap handling, and sign construction and maintenance. The Company, through its subsidiary Manitex, Inc., markets a line of boom trucks, truck cranes and sign cranes. MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX) Recent Trading Information
MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX) closed its last trading session down -0.20 at 7.27 with 101,477 shares trading hands.