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Glen Tellock News

17 Nov 2003

Manitowoc and Kobel Sign Crawler Crane Agreement

Manitowoc Crane Group, a business entity of The Manitowoc Company, Inc., has announced an agreement with Kobelco Construction Machinery Co. of Tokyo, Japan, under which Kobelco will supply Manitowoc with a range of lattice-boom crawler cranes with lift capacities under 150 tons. These Manitowoc-branded products will be introduced in the second quarter of 2004. The lattice-boom cranes supplied to Manitowoc by Kobelco will be clearly differentiated from Kobelco’s own product offering. All new models will be sold and supported through Manitowoc’s existing dealer and product support networks. Manitowoc has not yet issued the model designations for the new cranes. Kobelco will continue to market and distribute its own full line of lattice-boom crawler cranes, from 55 U.S. tons to 250 U.S.

21 Nov 2003

Union Ratifies New Contract with Manitowoc

The Manitowoc Company, Inc., announced today that the International Association of Machinists (IAM) Local 516 has ratified a new five-year contract with Manitowoc Cranes. Under the terms of the agreement, workers will receive cash bonuses in the first year of the contract and wage rate increases in the second through fifth years. The approximately 120 IAM Local 516 members, based in Manitowoc, Wisconsin, walked off the job at midnight on November 18. The previous contract for the Local expired on October 31, 2003. The union bargaining committee and the company returned to the negotiating table yesterday and reached a tentative agreement, which was ratified by the Local 516 membership earlier today.

20 Oct 2000

Marinette Marine Sold For $48 Million

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…