Manitowoc Sells Marine Business
On Jan. 2, the Manitowoc Company, Inc. (NYSE:MTW) announced the completion, effective as of December 31, 2008, of the previously announced sale of its Marine segment to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA (Fincantieri). The net purchase price in the all-cash deal was approximately $120m. Manitowoc intends to use the after-tax proceeds for debt reduction and other corporate purposes. "We are now entirely focused on two strategic lines of business: cranes and commercial foodservice equipment," said Manitowoc CEO Glen E. Tellock. "We have built market leadership positions in both of these global markets, and now will be able to direct all of our efforts on growing these two businesses even further.
Manitowoc Reports Record Results For 1999
The Manitowoc Company, Inc. reported record financial results for both the fourth quarter and full year ended December 31, 1999. This was the company's fifth year of record financial results and its 17th consecutive quarter of improved year-over-year earnings growth. Net earnings for 1999 increased 30 percent to $66.8 million, or $2.55 per diluted share, from $51.4 million, or $1.97 per diluted share, in 1998. Net sales increased by 16 percent to $805.5 million in 1999 from $694.8 in 1998. Each of the company's three business segments - foodservice equipment, cranes and marine services - reported strong year-over-year net sales and earnings gains.
