The Manitowoc
Company, Inc. has reached an agreement
with Valcovna profilov a.s. for the development of a crane manufacturing
facility in Saris, Slovakia. The facility, which will be refurbished and
re-equipped, will serve as the final manufacturing and assembly site for
Grove, Potain, and
Manitowoc cranes being delivered to customers in East
European markets, particularly in Russia and the CIS.
The company expects to begin production from the Saris facility in late
2007. Financial terms of the transaction were not disclosed, but Manitowoc
is revising its 2007 capital expenditures guidance from $70 million to $85
million for the full year as a result of this acquisition and other
capacity initiatives in its Crane Group.