Veri-Tek International, Corp., a provider of engineered lifting solutions including boom truck cranes, rough terrain forklifts and special mission-oriented vehicles, today announced that its Manitex subsidiary has signed an agreement with Dostavka-Service Corp. Ltd., a Russian distributor with retail sales and crane rental fleets headquartered in Moscow, to distribute its 50- and 30-ton Manitex boom trucks beginning in July.
Scott Rolston, General Manager of Veri-Tek's Manitex subsidiary, commented, "We believe the Russian market opportunity for this class of machines exceeds that of the United States. Additionally, this market is growing at a double-digit rate while the North American market continues to lag. Upon Russian crane certification, which is expected in June, we expect initial deliveries of Manitex S-series 3002, 4002, 5002 (30 to 50 ton) as early as July 2008."
Andrew Rooke, President and Chief Operating Officer of Veri-Tek added, "We believe that Russia's growing economy will continue to spur demand for infrastructure development. The introduction of our high quality and competitively priced capital equipment offers excellent value to DSC's customers. This milestone agreement enables us to participate in the Russian economic boom and contribute to financial performance during this year and beyond. In addition to the infrastructure build now taking place in Russia, it is a region with substantial natural resources. Consequently, high commodity prices should continue to benefit mining, energy development and construction subsectors. This new agreement marks the second international distribution agreement we have signed this year as we pursue our objective of extending our geographic market and reducing our dependence on North America."