Manitou enjoys another record year

The Manitou Group (Manitou, Gehl and Mustang) saw its net sales increase by around 18% to nearly €1.9 billion in 2018.

by Steven Vale

12 Feb 2019

The material handling and access division accounted for the lion’s share of sales of around €1.3 billion (18%+). Development in the construction sector was the strongest, but the company also enjoyed good results in the agricultural industry.

Manitou has made progress in North America, but Europe remains the most important market, accounting for over 70% (€1.33 billion) of sales. Growth was strongest in northern Europe where machine sales increased by 26%.

“2018 was another record year for the group,” said Manitou Group president and CEO Michel Denis, who added that the company has grown by around 40% during the last two years.

At the end of last year, the order book for new equipment was just over €1 billion (€709 million in 2017); the highest level ever. The company is cautiously confident of a further 10% sales increase this year, which could take its net sales above the €2 billion threshold.