Manitowoc Sells Marine Business

Monday, January 05, 2009

On Jan. 2, the Manitowoc Company, Inc. (NYSE:MTW) announced the completion, effective as of December 31, 2008, of the previously announced sale of its Marine segment to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA (Fincantieri). The net purchase price in the all-cash deal was approximately $120m. Manitowoc intends to use the after-tax proceeds for debt reduction and other corporate purposes.

"We are now entirely focused on two strategic lines of business: cranes and commercial foodservice equipment," said Manitowoc CEO Glen E. 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 2007, the Marine segment had sales of $321m and operating earnings of $26m. The transaction is expected to generate a 2008 per-share, after-tax gain of approximately $.60.

Merrill Lynch & Co. served as financial advisor to Manitowoc in this transaction.

(www.manitowoc.com)


People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0830 sec (12 req/sec)