Manitowoc’s wholly‑owned subsidiary, MGX Equipment Services, announced a dealer agreement with Hiab that will extend MGX’s direct‑to‑customer presence to 13 U.S. states—Colorado, Delaware, Iowa, Maryland, Minnesota, Montana, Nebraska, New Jersey, North Dakota, South Dakota, Virginia, Wyoming, and Utah—by distributing Hiab loader cranes and providing aftermarket parts, service support, and training.
Under the agreement, MGX will act as the sole dealer for Hiab’s loader cranes in the covered states, offering a full range of parts, maintenance, and training services. The partnership gives Hiab a broader U.S. footprint while allowing MGX to deepen its service density in regions that were previously underserved.
The deal is a key element of Manitowoc’s CRANES+50 strategy, which seeks to grow higher‑margin aftermarket services and deepen customer relationships. By adding Hiab’s product line, MGX can offer a more comprehensive lifting‑solutions portfolio, reinforcing Manitowoc’s position as a one‑stop provider for crane sales, rentals, parts, and support.
Hiab, a global leader in on‑road load‑handling solutions, has a market capitalization of roughly $3.9 billion and reported a 32.55% revenue increase to €1.6 billion in 2024. The partnership gives Hiab access to MGX’s established U.S. service network and expands its reach into key growth markets.
Les L. Middleton, Executive Vice President of Americas and EU Mobile Cranes at Manitowoc and President of MGX, said, “This agreement accelerates the growth of MGX and Manitowoc in the U.S. By expanding our direct‑to‑customer reach, we can deliver more value through faster response times, stronger service capability, and deeper customer engagement.” Pauliina Kunvik, Senior Vice President Sales and Services, North America at Hiab, added, “The partnership with MGX is an important milestone in our strategy to grow in the attractive U.S. market. Their scale and industry expertise significantly enhance our coverage in the U.S., allowing us to offer premium sales and service support for our Hiab loader cranes in many previously insufficiently covered key regions.”
The agreement is expected to generate additional revenue from sales, rentals, and parts, and to strengthen Manitowoc’s competitive advantage in the U.S. aftermarket crane market. By increasing service density, the partnership should improve customer satisfaction and create new cross‑sell opportunities for MGX’s existing product lines.
Manitowoc reported Q3 2025 earnings of $553.4 million in revenue and an EPS of $0.14, slightly below estimates. The company’s upcoming February 9 2026 earnings are expected to reach $637 million in revenue and an EPS of $0.26. The Hiab dealer agreement is positioned to contribute to those targets by expanding MGX’s sales and service footprint, potentially boosting revenue and margin in the aftermarket segment.
The partnership signals Manitowoc’s continued commitment to diversifying its revenue base beyond new crane sales, aligning with the long‑term goals of the CRANES+50 strategy and positioning the company for sustainable growth in the U.S. market.
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