Manitowoc Wins $65.8m Navy order

The shipbuilding subsidiary of Manitowoc Co. Inc. has received an order for lighterage systems by the U.S. Navy valued at $65.8m. The contract with the Naval Facilities Engineering Command, Department of the U.S. Navy, represents the second option for the Improved Navy Lighterage System (INLS) -- floating platforms used for the unloading of cargo from ships. Work will be performed in Marinette and is expected to be completed by December 2007.

The Navy selected Manitowoc's subsidiary Marinette Marine, Marinette, in 2003 to build the systems under a contract valued at more than $400 million, and the first unit was delivered in the third quarter of 2005. The initial order was valued at $40.5 million. The Navy exercised the first option, valued at $126 million, in May. Option deliveries will occur over the next five years. Source: Business Journal