Manitowoc To Acquire Grove Worldwide
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.
Manitowac Appoints Tellock President of Crane Group
The Manitowac Company, Inc. named senior vice president and chief financial officer Glen E. Tellock as president and general manager of Manitowac’s Crane Group, effective immediately. “With the pending Grove acquisition, we assessed the organizational needs required to run a billion-dollar crane segment. Glen’s solid financial experience will be a tremendous asset in managing our crane business, which has tripled in size in the last 14 months,” said Terry D. Growcock, Manitowac’s president and CEO. “As senior vice president and CFO, Glen was intimately involved in setting the strategic direction for the company, and played an instrumental role in the successful acquisition of Potain and our pending acquisition of Grove Worldwide.
Manitowoc Announces Closing of National Crane Facility
The Manitowoc Company, Inc. announced today that it will close its National Crane boom-truck manufacturing facility in Waverly, NE and will move production to the company's facility in Shady Grove, PA. Both facilities were acquired when Manitowoc purchased Grove Worldwide last year. The closing is expected to take place by the end of 2003. The transfer of production will improve long-term utilization and productivity given the advanced systems already in place at Shady Grove. Proceeds from the sale of assets are expected to equal or slightly exceed the after-tax costs associated with the move. These costs will primarily be reflected as an adjustment to the purchase price of Grove Worldwide.
