Manitex to sell its Sabre business
Manitex International has put its Sabre Equipment tank manufacturing division up for sale.
Manitex Sabre is based in Knox, Indiana and manufactures a range of liquid storage tankers and containment tanks - see: Manitex acquired the business in 2013
. It has revenues in the region of $10 million – down from $39 million when it acquired the business seven years ago.
Chief executive Steve Filipov said: “As part of the strategic review of our product portfolio, we have determined that the divestiture of Sabre aligns with our longer term vision for Manitex International. The transaction will allow us to increase focus on our core higher margin businesses, enhance shareholder value, and will be accretive to Adjusted EBITDA and Earnings Per Share in 2020. We appreciate the dedication of the team and Sabre’s employees for their contributions to our company in the past decade.”
The company will classify the Sabre operations as ‘Held for Sale’ starting with its first quarter financial report. Proceeds from any sale will be used for debt repayment.