Terex Sells Load King Trailer Business to Manitex

Written by Construction Equipment Guide.com

Created on Thursday, 07 January 2010 17:28

Manitex International, Inc., a provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission oriented vehicles, announced that it has acquired the assets and certain liabilities of Load King Trailers, an Elk Point, South Dakota-based manufacturer of specialized custom trailers and hauling systems typically used for transporting heavy equipment, from Genie Industries, Inc., a subsidiary of Terex Corporation, for a total consideration of $3.1 million, consisting of a promissory note of $2.75 million, Manitex shares valued at $250,000 and cash of $100,000. Load King's last five years average annual revenues were approximately $23 million.