Marine Link
Wednesday, December 7, 2016

Marinette Marine Sold For $48 Million

October 20, 2000

Manitowoc Co. Inc. reportedly signed an agreement to buy private shipyard operator Marinette Marine Corp. for about $48 million cash. The deal is expected to add to about 5 to 10 cents a share to 2001 earnings, said chief financial officer Glen Tellock. The final price will be subject to closing balance sheet adjustments. The transaction, expected to close within 30 days pending regulatory approvals, will be financed with an existing credit facility. "Marinette Marine is one of the most efficient builders of mid-sized commercial, research, and military vessels in the country and will be a key strategic fit with the industry-leading inspection, maintenance, repair and new-construction facilities that comprise Manitowoc Marine Group," said Terry Growcock, Manitowoc's president and chief executive officer.


 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News