Diesel Progress North American

INDUSTRY NEWS
Under the Mustang brand, Manitou Americas supplies skid-steer loaders, telehandlers, all-wheel-steer wheel loaders and a line of compact excavators with Yanmar and John Deere engines rated 18 to 94 hp.

from improving market conditions. At the same time, we’ve put financial issues to bed. Net debt has been almost cut by two for the second year in a row and working cap has even decreased by 14% while revenue went up 23%.

“Our day-to-day challenge is now
2011 to 2012, with residential starting
to come back and commercial con-
struction eventually picking up next.
“2010 has been a true rebound,
with order intake up 60% versus
2009,” said Giroux. “This was first
driven by prior year catch-up situa-
tions but gradually gained strength
GT_PrintAd_wellservice_Diesel & Gas Turbine Worldwide2_ 7.5x4.875_Bleed_021111.pdf 1 4/26/2011 2:12: 44 PM

to deliver on a growing backlog, with a variety of supplier situations putting lines and lead times at risk almost on a daily basis. This will probably weigh on the recovery of operating margins already exposed to component increases — either from raw material prices or new regulatory constraints.

“While this appears to be an industry-wide situation, it also highlights certain internal weaknesses which we now fully focus on, as we will need to grow our throughput by 25 to 30% per annum for the next couple of years.

“We believe we have entered a new growth cycle, with customer fleets being first renewed then extended, while new usages and markets will progressively open up exciting new business opportunities. 2011 is a first step into this new cycle, which should confirm our financial and operational recovery.” dp

www.us.manitou.com

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