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Manitowoc Co News

06 Oct 2008

More Layoffs Loom for Marinette

Marinette Marine's chief executive officer says it will lay off more workers next month, reports said.  The shipbuilding division of Manitowoc Co. laid off about 90 union workers last month because of delays in contract awards from the Coast Guard and the U.S. Navy. Reports said that more layoffs were expected after the company lost a $1.5b bid to build 34 U.S. Coast Guard patrol boats over about seven years.    Source:  AP

31 Jul 2008

Manitowoc Profit Rises

The company reported second quarter earnings of $133.9m, or $1.01 per share, up from $97.5 million, or 76 cents per share in the year-ago period. Sales were up to $1.3b. Manitowoc Co. is negotiating to sell its marine division that builds ships, including military vessels, European news reported. The suitor is said to be Fincantieri, according to the reports. Source:  Financial Wire

11 Nov 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.

18 Dec 2003

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…

05 Apr 2002

Double Skin is In

The movement of petroleum products on the nation's rivers, lakes, bays and oceans is soon to be regulated of the Oil Pollution Act of 1990. Called OPA 90, this regulation requires many bulk carriers of petroleum products to use double-hulled barges to haul their cargo by 2005 and all to be doubled hulled by 2015. Looking first at the large product tankers and crude oil carriers, 23 product carriers and 17 crude oil carriers must be double hulled by 2005, another 20 product carriers and 17 crude oil tankers need to be double hulled by 2010 and another 13 product and 9 crude oil ships need to meet OPA 90 by 2015. These conversions (or ship retirements) are a major issue impacting the ability of the U.S. to transport crude oil and its refined products.

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…

29 Aug 2007

Shipbuilders Awarded Training Funds

A pair of grants totaling nearly $58,000 will be used to train 245 workers at two shipbuilders in Sturgeon Bay, Wis., the Business Journal of Milwaukee reported. The Workforce Advancement Training Grants from the Wisconsin Technical College System were awarded to Northeast Wisconsin Technical College (NWTC) in Green Bay. The funds will be used for training workers from Bay Shipbuilding Co., a manufacturer of commercial ships, and yacht maker Palmer Johnson Yachts.. A $31,008 grant will enable NWTC to provide welding training, blueprint reading-measurement training, and supervisory training to 187 welders, journey workers and supervisors at Bay Shipbuilding Co., a subsidiary of Manitowoc Co. Inc. that specializes in large ship construction projects.

08 Aug 2007

Manitowoc 2Q Sales Exceeds $1b

According to reports, Manitowoc Co. reported its second-quarter net sales totaled $1.02b. It's the first time that the company's quarterly revenue exceeded $1 billion, the company said. Its second quarter, which ended June 30, saw an increase of 37 percent from last year. Reported earnings per diluted share were $1.53 for the second quarter compared with 67 cents for the second quarter of 2006. The company reported gains in its crane business, which increased 41 percent to $805.1 million, up from $570 million a year ago. Gains also were reported in its food service business, which increased 13 percent. Source: Green Bay Gazette

12 Mar 2007

Coast Guard Orders Keep Marinette Marine Busy

The cutter Mackinaw is one of 31 vessels Marinette Marine Corp. has produced for the U.S. Coast Guard. The company is also building 180 high-speed interdiction boats for the Coast Guard over the next decade, said Bob Herre, president of the Manitowoc Marine Group. The first six of the 45-ft. response boats are expected to be delivered late this year and in early 2008. Defense contacts make up about half of the work done by The Manitowoc Co.'s marine group, said Steve Khail, director of investor relations and corporate communications for The Manitowoc Co. Inc. Manitowoc owns both Marinette Marine Corp. in Marinette and Bay Shipbuilding in Sturgeon Bay. Bay Shipbuilding focuses on much of the commercial work done by the company. In recent years Marinette Marine Corp.

13 Nov 2006

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.

23 May 2006

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