Socage has acquired crane and truck mounted platform manufacturer Manotti.
Socage, based in Modena, Italy, decided to buy fellow Italian manufacturer and competitor Manotti to reinforce its position in the market.
Fiorenzo Flisi, president of the Socage Group, which until now primarily produced truck mounted platforms, said he took the opportunity of buying Manotti as soon as he was presented with the idea.
“Socage holds the acquisition in particularly high regards for two reasons: firstly due to the company’s position in the auto-cranes field, and showing evident signs of growth, especially abroad. Secondly, the possibility of having a unique production hub across our group’s operations, with savings in economic terms and in the production processes.”
Mr Flisi added that Manotti, a family-run company based in Boretto, Reggio Emilia, has been in deep financial crisis for a long time and there had been difficulties paying its 60 workers.
Manotti has an annual revenue of €13 million and forward orders valued at €7 million. Marco Begnozzi, a representative of Reggio Emilia trade union Fiom, said the new ownership meant workers at its plant would breathe a sigh of relief, as Socage had promised to retain all jobs and pay their salary in arears. “I’m very happy with the rescue of this institution, being a very important company in this area.”