Benzinga | Aug 25, 2020 08:15AM EDT

Manitex International, Inc. Announces Divestiture Of Sabre Total Potential Consideration Of Approximately $4.4M

BRIDGEVIEW, IL / ACCESSWIRE / August 25, 2020 / Manitex International, Inc. (NASDAQ:MNTX) a leading international provider of cranes and specialized industrial equipment, today announced that it has agreed to a transaction for the sale of its subsidiary, Manitex Sabre, of Knox, Indiana to privately-held Super Steel, LLC, a leading contract manufacturer in Milwaukee serving the Agricultural, Construction, Industrial, Transportation, and Defense markets. Consideration to Manitex for the sale is $1.5 million in cash that has been paid to Manitex upon close, plus royalties, based on future Sabre revenues which have the potential of yielding approximately $2.9 million in additional consideration to Manitex.