The Manitou group, world leader in all-terrain material handling, finalized its acquisition of a majority stake (55 percent) in the Australian company LiftRite.

The Manitou group, world leader in all-terrain material handling, finalized its acquisition of a majority stake (55 percent) in the Australian company LiftRite. Thanks to a supplementary call option, the group will hold a 96 percent share by 2020.

A family-owned company founded in 1983 by George Hogg, Mark Manning and Ted Hirschfeld, LiftRite distributes Manitou, Gehl, Kalmar and Kobelco products for the construction and mining markets. In 2016, the company generated 12 million euros in sales revenue, of which Manitou Group products accounted for 65%.

Michel Denis, Manitou Group president and CEO, states: "LiftRite has got a team with great expertise and excellent know-how. Through the acquisition of a stake in our historical dealer in Australia, we reinforce Manitou's position in the mining sector while continuing to reinforce and develop all brands carried by LiftRite in all the markets served in this region."

For more information, visit www.manitou-group.com.

Today's top stories

Fay Preps Way for Pittsburgh International Airport Modernization Project

Volvo CE Continues to Perform, Transform During Slower Q1 2024

American Bridge Co. Leads Conn.'s East Haddam Swing Bridge Project

Growing Interest in Construction Careers Among Younger People Means Jobs Filled, Deadlines Met

Pettibone Celebrates 75th Anniversary of Cary-Lift

Common Ground Alliance Hosts Conference & Expo in Colorado On Preventing Utility Damages

Contractors Association of West Virginia Announces 2024 Scholarship Winners

$400M Investment by WVU Medicine to Build, Improve Hospitals in Five Locations