Manitowoc closes deal on marine arm

Manitowoc, which was founded as a shipbuilding and ship repair organisation in 1902 in the lakeshore community of Manitowoc, Wisconsin, said the after-tax proceeds of the sale would be used for debt reduction and other corporate purposes.“We are now entirely focused on two strategic lines of business: cranes and commercial food service equipment,” said Manitowoc chief executive Glen Tellock. “We have built market leadership positions in both of these global markets, and now will be able to direct all of our efforts on growing these two businesses even further. “While the company was founded as a shipbuilder in 1902, in recent years we have pursued growth in markets where we have stronger competitive positions and opportunities.” In a statement following the sale, Fincantieri – Cantieri Navali said Lockheed Martin Corporation, the main US company in the defence sector, was also involved in the purchase as a strategic partner and minority investor. Manitowoc said the marine segment had sales of $321 million and operating earnings of $26 million in the 2007 calendar year.

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