Manitowoc To Acquire Grove Worldwide

Wednesday, March 20, 2002
The Manitowoc Company, Inc. announced today that it has executed a definitive agreement to acquire Grove Worldwide, a leading manufacturer of mobile hydraulic cranes and truck-mounted cranes. The acquisition, valued at approximately $270 million, will be funded by a combination of cash and approximately two million shares of Manitowoc common stock based on current market prices. “Grove enhances our market-leading positions, represents a strong growth opportunity for our crane segment, and fills a product void by adding mobile cranes to our product offering. Equally important, we now can provide equipment and lifting solutions for virtually any construction application.” said Terry D. Growcock, Manitowoc’s president and chief executive officer. “The addition of Grove confirms Manitowoc as the leading producer of lifting equipment world-wide.” Founded in 1947, Grove has an extensive product line including 30 crane models and 8 aerial work platforms, with lifting capacity from 8 tons to 550 tons. Grove is considered a technology leader with a long history of product innovations and patents and has sold more than 55,000 cranes worldwide. The company employs approximately 2,500 people, operates four manufacturing facilities in North America and Europe, and sells into more than 50 countries through distribution subsidiaries or agents. In fiscal 2001, Grove reported revenues of more than $700 million.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DSM Dyneema Names President’s Successor

Gerard de Reuver has elected to step down as President of DSM Dyneema on August 1, 2015 after five years in the post, the company announced today. He will be succeeded by Golnar Motahari Pour,

Matson Pumps $30 Million into Alaska Operations

Ocean cargo shipper Matson, Inc. said it is moving quickly to fund improvements in its new Alaska operations following its May 29 acquisition of Horizon Lines' Alaska services.

McMurdo Introduces Real-time Fleet Management

McMurdo  has announced PRISMA Connect, a web-based integrated fleet management system that connects ship to shore in real-time for improved communication and operational efficiencies,

Offshore

Mexico to Postpone Deep Water Auction

Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production

Oregon Bridge Danglers Hope to Delay Shell's Arctic Drilling

Protestors rappelled off a bridge in Portland, Oregon on Wednesday hoping to delay Royal Dutch Shell's Arctic oil exploration this summer by blocking the return

CWind Supports Ballast Nedam at Butendiek OWF

CWind, a provider of integrated services to the wind industry, announced today that it is providing corrosion protection services to Ballast Nedam at Butendiek Offshore Wind Farm (OWF).

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Shipbuilding / Vessel Construction Sonar Winch
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: 0.1927 sec (5 req/sec)