Manitex signs exclusive CVS Ferrari agreement
The rental agreement, filed with the Italian Court and which commenced on July1, 2010 includes an exclusive option to purchase the CVS Ferrari business at the conclusion of the insolvency process, “Concordato Preventivo”. This option and remaining terms of the arrangement are pending Court approval.
Although the rental period could extend for up to two years, a shorter period is anticipated.
Manitex has formed a new Italian subsidiary, CVS Ferrari, SRL to take over the design and manufacture of reach stackers and other container handling equipment previously sold through CVS Ferrari’s global dealer network from its facility in Milan.
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