Manitowoc Announces Offering of Senior Subordinated Notes
The Manitowoc Company, Inc., announced its intention, subject to market and other conditions, to raise approximately $175 million, through a private offering of senior subordinated notes due 2012 to certain qualified institutional investors. In addition, Manitowoc’s obligations will be guaranteed by certain of its U.S. subsidiaries. Manitowoc will use the net proceeds from the sale of the notes offered to refinance outstanding indebtedness of Grove Investors, Inc. and its subsidiaries. Manitowoc previously announced its agreement to acquire Grove.
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.
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.
Manitowoc Workers Reject Proposal
The Manitowoc Company, Inc., announced that approximately 120 unionized employees at Manitowoc Cranes walked off their jobs after rejecting a five-year labor agreement, which was proposed by the company. The affected workers at the Manitowoc, Wisconsin facility represent 9 percent of the North American workforce of Manitowoc Crane Group and are represented by the International Association of Machinists (IAM) Local 516. The previous contract for IAM Local 516 expired on October 31, 2003. Following a series of meetings with a federal mediator, the union’s bargaining committee presented the company’s settlement offer to its members. After rejecting the offer, Local 516 initiated a walk-off, which began at midnight on November 18, 2003.
Manitowoc Wins DH Barge Contract
Hornbeck Offshore Transportation has contracted with Manitowoc Co. to build a 110,000-barrel, double hull tank barge due for delivery in one year, with an option to purchase three additional units within the next year. The contract will be fulfilled through Manitowoc's Toledo ShipRepair Co. "this contract marks the first new-construction project for the Toledo facility in approximately 15 years," said Dennis McCloskey, president of Manitowoc's Marine Group. The Toledo-Lucas County Port Authority has agreed to provide $7.5 million for the facility upgrade, following the commitment by Manitowoc to pursue additional new construction business for the facility.
The Manitowoc Company Celebrates 100 Years
The Manitowoc Company, Inc., a diversified, multi-industry capital goods manufacturer headquartered in Manitowoc, Wisconsin, today will ring the closing bell at the New York Stock Exchange to celebrate its centennial anniversary. The company was founded on this date in 1902 as a ship-building and ship-repair operation serving the Great Lakes maritime industry. "Today, The Manitowoc Company celebrates a century of success thanks to our innovative products, strategic acquisitions, global expansion, and thousands of loyal employees," said Terry D. Growcock, president and chief executive officer. "Over the past ten decades, the diligent…
Manitowoc Awarded Contract
Manitowac was awarded a U.S. Coast Guard contract valued at more than $80 million. The Manitowoc Company, Inc. the leading provider of shipbuilding and ship-repair services for the U.S. Great Lakes maritime industry, announced that the United States Coast Guard has awarded Manitowoc Marine Group an $82.4-million contract to build a new Great Lakes ice breaker. The new vessel, which is currently unnamed, will be approximately 240 feet long, 60 feet wide, and will displace 3,500 long tons. homeport of Cheboygan, Michigan. said Terry D. Growcock, Manitowoc's president and chief executive officer. "The contract also enhances our status as the leading shipbuilder on the U.S. the ice breaker at Marinette Marine under a contract that will span more than three years.
News: Manitowoc Wins DH Barge Contract
Hornbeck Offshore Transportation has contracted with Manitowoc Co. to build a 110,000-barrel, double hull tank barge due for delivery in one year, with an option to purchase three additional units within the next year. The contract will be fulfilled through Manitowoc's Toledo ShipRepair Co. "This contract marks the first new-construction project for the Toledo facility in approximately 15 years," said Dennis McCloskey, president of Manitowoc's Marine Group. To make this facility better suited for shipbuilding work, Manitowoc and the Toledo-Lucas County Port Authority have agreed to expand the shipyard and build a covered dry dock." The Toledo-Lucas County Port Authority has agreed to provide $7.5 million for the facility upgrade…
Manitowoc ClosesTrade Receivables Securitization Facility
The Manitowoc Company, Inc. has closed a significant trade receivables securitization. The securitization was arranged by the Finacity Corporation and Harris Nesbitt. Manitowoc and Finacity successfully structured a three-year transaction that provides Manitowoc with funding for receivables assigned from its operating subsidiaries. The three-year agreement will provide Manitowoc cash proceeds of up to $60 million through the ongoing purchase of the receivables from certain domestic and Canadian accounts. Manitowoc has partnered with Harris Nesbitt's commercial paper conduit, Fairway Finance Co., to fund the transaction.
Manitowoc Considers Options on Enodis
The Manitowoc Company, Inc. notes the announcement by Enodis plc. It confirms that it approached the Board of Enodis with an indicative, non-binding cash proposal, which during a meeting with senior representatives of Enodis, was rejected. Terry D. Growcock, Manitowoc’s Chairman and Chief Executive Officer, said, “The Company is disappointed that Enodis has rejected its indicative proposal. Manitowoc remains committed to identifying and pursuing strategic acquisition opportunities that will enhance its global business enterprise”. Manitowoc is considering its options with regard to Enodis, and there can be no certainty that an offer will be made nor of the terms relating to such an offer. JPMorgan Cazenove is advising Manitowoc in this matter.
Byrne Retires From Manitowoc Marine Group
The Manitowoc Company announced that Thomas J. Byrne, president and general manager of Manitowoc Marine Group and vice president of The Manitowoc Company, will retire at the end of 2002. Dennis McCloskey, current vice president and general manager of the Marinette Marine Corporation, will succeed him in overseeing all aspects of Manitowoc Marine Group, including Marinette Marine, Bay Shipbuilding, and the company's Toledo and Cleveland operations. Byrne played a key role in the growth of Manitowoc's marine business, generating many commercial and government contracts and assimilating Marinette Marine after it was acquired in 2000. Prior to his role of president and general manager, Byrne served as vice president of business development from 1998 through 2000.
Manitowoc Reaches Agreement On Options for Lighterage System
Company, Inc. with the Naval Facilities Engineering Command, Department of the U.S. on options for the Improved Navy Lighterage System (INLS). unit was delivered in the third quarter of 2005. value of $360 million. "Our solid partnership with the Department of the U.S. this new agreement," said Robert P. Herre, president of Manitowoc Marine. Marine's contribution and investment in the INLS program. Basing in the 21st Century.
Coast Guard Cutter Completed at Marinette
The Manitowoc Company's Marinette Marine subsidiary launched the U.S. Coast Guard Cutter Maple on December 16, 2000. Maple is the seventh ship in a series of 16 seagoing buoy tenders being built by Marinette. The launch ceremony, which was attended by a number of dignitaries, included Fran Ulmer, the Lieutenant Governor of Alaska, who gave the keynote speech and formally christened Maple, as well as Rear Admiral Thomas J. Barrett, commander of the 17th Coast Guard District. "The launching of a seagoing vessel is a spectacular sight," said Terry D. Growcock, Manitowoc's president and chief executive officer. "The launch of Maple is particularly exciting for us as it represents Marinette's first launch as a part of The Manitowoc Company.
Manitowoc Acquires Rights to Mobile Industrial Crane
Manitowoc Crane Group has acquired the Carrydeck line of mobile industrial cranes from privately held Marine Travelift, Inc. of Sturgeon Bay. Terms of the agreement were not disclosed. The proposed acquisition was included in the company's 2007 financial guidance provided on November 28, 2006 that incorporates a 20 percent growth rate in revenue and low-teen percentage operating margin for Manitowoc Crane Group.
Manitowoc Company Files 2006 Annual Report on Form 10-K
The Manitowoc Company (announced that the company has filed its Annual Report on Form 10-K for the year ended December 31, 2006 with the Securities and Exchange Commission. The filing can be accessed on the company’s Web site at www.manitowoc.com.
Manitowoc Company to Present at Conference
The Manitowoc Company, Inc. will participate in the Bank of America Basics/Industrials Conference, which will be held at the Le Parker Meridien Hotel in New York City from May 8 through May 10, 2007. Terry D. Growcock, chairman of the board, and Carl J. Laurino, senior vice president and chief financial officer, are scheduled to present an update on Manitowoc’s strategies and growth initiatives on May 8, at 10:45 am, Eastern time.
Manitowoc to Announce 4Q Results
The Manitowoc Company, Inc. will release its fourth-quarter 2007 financial results on Monday, February 4, after the market closes. The fourth-quarter results will also be discussed by Manitowoc’s management team during a live conference call for security analysts and institutional investors which will be held at 10:00 a.m., Eastern Time, on Tuesday, February 5.
Manitowoc Acquires Marinette
The Manitowoc Company, Inc. has finalized its previously announced agreement to purchase Marinette Marine Corporation. Marinette was acquired for approximately $48 million in an all-cash transaction financed through Manitowoc's existing credit facility. Located in Marinette, Wisconsin, just across Green Bay from Manitowoc's Bay Shipbuilding facility, Marinette Marine operates one of the largest shipyards on the U.S. Great Lakes. The acquisition is expected to add 10 cents to Manitowoc's 2001 earnings. "We are delighted that Marinette Marine is now part of The Manitowoc Company and we want to welcome their employees and families to our family," stated Terry D. Growcock, Manitowoc's president and chief executive officer.
Manitowoc Completes Offering of Senior Subordinated Notes
The Manitowoc Company, Inc. announced that it has completed the private offering of $175 million of 10 ½ percent senior subordinated notes due 2012. Manitowoc's obligations under the notes are guaranteed by certain of its U.S. subsidiaries. Manitowoc will use the net proceeds from the sale of the notes to complete its acquisition of Grove Investors, Inc. and its subsidiaries. The issuance of the notes and the guarantees was not registered under the Securities Act of 1933, as amended, or applicable state securities laws. The notes were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and pursuant to Regulation S.
Manitowoc Crane Group to Develop Manufacturing Facility in Slovakia
The Manitowoc Company, Inc. has reached an agreement with Valcovna profilov a.s. for the development of a crane manufacturing facility in Saris, Slovakia. The facility, which will be refurbished and re-equipped, will serve as the final manufacturing and assembly site for Grove, Potain, and Manitowoc cranes being delivered to customers in East European markets, particularly in Russia and the CIS. The company expects to begin production from the Saris facility in late 2007. Financial terms of the transaction were not disclosed, but Manitowoc is revising its 2007 capital expenditures guidance from $70 million to $85 million for the full year as a result of this acquisition and other capacity initiatives in its Crane Group.
Manitowoc Awarded Navy Contract
According to reports, Manitowoc Co. signed a contract worth $360m with the Navy to build a new system designed to move equipment between ships and the shore. The Navy picked the Manitowoc Marine Group in 2003 to build the Improved Navy Lighterage System (INLS). The barge-like loading systems include small ferries and workboats and come with platforms and barges that can be assembled into floating platforms, causeway piers or ship ramps. The system can handle up to 150 tons of cargo at a time. The INLS, delivered last year by Manitowoc, has been undergoing Navy testing on the West Coast. The new contract calls for deliveries over the next five years. Source: AP
Manitowoc Company Announces Management Transition
The Manitowoc Company, Inc. announced that the company’s board of directors has elected Glen E. Tellock, as president and chief executive officer, effective immediately. Tellock succeeds Terry D. Growcock, 61, who will remain chairman of the board of directors through 2008. Tellock was also appointed to serve on the board for a term that expires in 2008. Prior to being named CEO, Tellock had been senior vice president of The Manitowoc Company and president of Manitowoc Crane Group since 2002. Growcock had been the company’s president and chief executive officer since 1998 and has served as chairman of the board since October 2002. He has also been a director since 1998.
Manitowoc Completes Senior Subordinated Notes Redemption
The Manitowoc Company said that it has completed the previously announced redemption of its 10.5% Senior Subordinated Notes due 2012. The call premium paid to note holders was 105.25% of the principal amount of the notes. The total cash paid was $129 million which included the call price, accrued and unpaid interest and other related costs at the time of redemption. The Bank of New York, trustee for the issue, redeemed the notes through its New York office. Manitowoc generated proceeds for the redemption of the notes from its multi-currency revolving credit facility, its accounts receivable securitization facility and cash on hand. As a result of the redemption…