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Thursday, March 28, 2024
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Manitowoc Co Inc News

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.

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.