Jean-Christophe Giroux, confirmed as CEO of Manitou at the board last Friday, gave an update on the activities of the manufacturer of cargo-handling all-terrain and emphasized the continuing difficult economic conditions particularly the United States, which "will not permit the recovery of activity Gehl (U.S. subsidiary of Manitou), now in technical default vis-à-vis the banking pool. Solutions are being negotiated, ensures the group.
For the record, the debt was renegotiated in June between Gehl and his banking pool consisted of a revolving credit of $ 80 million (56 million euros), and a credit of 25 million dollars (17 million euros).
Gehl will weigh on annual results
Friday, management indicated that they perceived a stabilization in sales over the last three months of the year, after five consecutive quarters of decline. In late October, the group announced a 50% drop in sales of Manitou on the first three quarters of 2009 compared to the same period last year, to 504.5 million euros.
The under-performance operational Gehl should weigh on consolidated net income of Manitou in 2009 by special items, "without jeopardizing the credit agreement of the group in France, has reassured the leading manufacturer of trucks while field.
In 2008, Manitou had achieved a turnover of 1.278 billion euros. The analysts of Gilbert Dupont expect a turnover of 651 million euros for 2009, including an average activity of about 70 to 90 million euros for Gehl (in the first half, net of affairs of the subsidiary has reached 36 million euros).