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.