Veri-Tek International Corp. (Wixom, Mich.) acquired Liftking Industries, Inc. for $8 million. Headquartered in Woodbridge, Canada, near Toronto, Liftking makes rough terrain forklifts, special vehicles and other material handling equipment. For the year ended July 30, 2006, Liftking generated revenue of approximately $18.2 million.
Liftking will be combined with Manitex, Inc., a supplier of lift equipment based in Georgetown, Texas, that Veri-Tek acquired earlier this year. Manitex manufactures a line of boom trucks, sign cranes and trolley boom unloaders. It is forecasted to have sales of approximately $75 million in its 2007 fiscal year.
“Liftking is a great fit with the product line currently offered by Manitex,” said David Langevin, Veri-Tek's chairman and CEO. “This acquisition will enable us to expand our product line, broaden our customer base and gain entry into new markets; including mining, ship building and defense.”
Source: Veri-Tek
