Hybrid lift trucks from CVS

News-in-print 1 Jan 2017 by WCN Editorial

Both Manitex International, Inc. and CVS Ferrari Srl issued press releases towards the end of December confirming the sale of CVS Ferrari Srl by Manitex to BP Srl and NEIP III SpA. The information is broadly in line with the scoop by WorldCargo News Online in November and the followup in the November edition of WorldCargo News (p1).

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Whereas we reported that the price was between €5M and €6M in cash plus takeover of net debt (€12.5M), Manitex has reported that the price was US$5M in cash plus takeover of US$14M in debt. The transaction closed on 22 December. Manitex has pointed out that the sale does not include CVS’s Valla division (electric pick and carry cranes). Manitex acquired CVS for a total of US$5M in 2010, and added Valla in 2013.

Manitex’s sale of the CVS Ferrari lift trucks business (the CVS terminal tractors went to Terex Port Equipment earlier in 2016) follows its sale of the North American Liftking business (RT and military lift trucks) to Mi-Jack for US$14M (WorldCargo News, October 2016, p3).

The CVS Ferrari release confirms that its new Board includes Federico Zanotti (MD of Pagani Holding), Stefano Mercati (as MD) and Davide Bertozzi. Under its new Italian ownership, the company is reverting to the previous CVS Ferrari SpA name, with the important difference that it is made up of the merged CVS and BP (Battioni & Pagani) businesses, with production of container handlers and heavy FLTs staying in Roveleto di Cadeo and branded CVS Ferrari, and production of BP-branded sideloaders, 4-way FLTs etc, staying in Sorbolo.

CVS Ferrari has also provided more information about BP Handling Technologies’ hybrid drive technology and its use in CVS Ferrari masted products. CVS and BP signed a 10-year cooperation agreement in March 2016 regarding the patented Hy-Lift product, a diesel-electric drive comprising a small diesel engine and advanced electric motors. Hy-Lift will be launched in 2017 in a version for ECH mast trucks, while the version for LCH mast trucks and other heavy FLTs is expected to be available from 2019.

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This complete item is approximately 300 words in length, and appeared in the January 2017 issue of WorldCargo News, on page 2. To access this issue download the PDF here.