Manitowoc Reaches Agreement On Options for Lighterage System
The Manitowoc
Company, Inc. announced that it has signed a contract
with the Naval Facilities Engineering Command, Department of the U.S. Navy,
on options for the Improved Navy Lighterage System (INLS). The Navy
selected Manitowoc Marine Group in 2003 to build the INLS, and the first
unit was delivered in the third quarter of 2005. The new agreement calls
for option deliveries over the next five calendar years with an approximate
value of $360 million.
"Our solid partnership with the Department of the U.S. Navy is shown by
this new agreement," said Robert P. Herre, president of Manitowoc Marine.
"Initial production of a new class of vessel is a challenge for all
parties, and we are grateful that the Navy has recognized Manitowoc
Marine's contribution and investment in the INLS program. This important
program is now ready to provide the Navy with much-needed logistics
flexibility for the Navy-Marine Corps team in its strategic vision of Sea
Basing in the 21st Century. This project also provides our shareholders
with returns consistent with our most recent financial guidance."