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 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.
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 Completes Senior Subordinated Notes Redemption
The Manitowoc Company announced 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.
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…
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.
Bay Shipbuilding Wins Contract
Bay Shipbuilding in Sturgeon Bay, a subsidiary of The Manitowoc Company Inc., has been awarded a contract to build two 521-foot long tank barges. The contract includes options for two additional vessels. The contracts were issued by U.S. Shipping Partners, a leading provider of long-haul marine transportation services. The company provides transport for refined petroleum and chemical products. The barges are scheduled for delivery in 2008. The 72-foot wide barges, which can hold 156,000 barrels of oil, are designed for ocean travel and will be used for transport along the East Coast. They will be the 15th and 16th tank barges ordered from The Manitowoc Company since 1999. (Source: Green Bay Press Gazette)
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.
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.
Lakes Appointed VP at Marinette Marine
Marty Lakes has been appointed as vice president and general manager of Marinette Marine Corporation, a subsidiary of The Manitowoc Company. He will assume his new responsibilities immediately and will report to Dennis McCloskey, president of Manitowoc’s Marine Group. In his new role, Lakes will have total profit and loss responsibility for Marinette Marine and will oversee all engineering, operations, logistical and sourcing functions. In addition, Lakes will direct strategic development, lean manufacturing and continuous improvement initiatives.
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.
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 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 to Release 3Q Financial Results
The Manitowoc Company, Inc. will announce its third-quarter 2003 financial results on Monday, November 3, before the market opens, and will broadcast its conference call live over the Internet at 10:00 a.m. Eastern Time.
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 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.
Manitowoc Makes the List
The Manitowoc Company, Inc. has been chosen as one of the Best Big Companies in America according to Forbes Magazine's 2003 Platinum 400 list. The Forbes Platinum list selects companies across 23 industries with the best composite scores for both short- and long-term financial performance. Results are measured over 12-month and 5-year periods using a variety of financial metrics including return on capital, revenue growth, and earnings performance. The Manitowoc Company, a diversified, multi-industry, capital goods manufacturer headquartered in Manitowoc, WI, posted revenues of $1.1 billion during 2001 and has delivered a five-year average return on capital of 22.9 percent, a five-year average sales growth of 16.8 percent, and a five-year average earnings growth of 16.7 percent.
Profile: Marinette Marine Makes Mark with Innovative Tug/Barge Units
With the pending need to replace many single hull tankers in the U.S. in the coming years, The Manitowoc Company, Inc. showed the depth of its capabilities with the delivery of the 127-ft. tug, Ocean Reliance, the first of two tugs built at Manitowoc's Marinette Marine subsidiary. Ocean Reliance and sister tug Coastal Reliance are mated with 155,000-barrel, double-hulled petroleum barges, which were built at Manitowoc's Bay Shipbuilding subsidiary, for VMS, a Crowley Maritime subsidiary. Ocean Reliance is powered by 9,280-hp engines and is equipped with an Intercon coupling system that will link the ocean-class tug with its 512-ft. barge.
Manitowoc Marine Launches Tug Ocean Reliance
The Manitowoc Company, Inc. announced the successful launch of the 127-ft. tug, Ocean Reliance, the first of two tugs being built at Manitowoc's Marinette Marine subsidiary. When delivered, Ocean Reliance and its sister tug Coastal Reliance will be mated with 155,000-barrel, double-hulled petroleum barges, which are currently being constructed at Manitowoc's Bay Shipbuilding subsidiary. Ocean Reliance is powered by 9,280-horsepower engines and is equipped with an Intercon coupling system that will link the ocean-class tug with its 512-foot barge. Scheduled for delivery later this year, both tug/barge units are fully compliant with the provisions of the Oil Pollution Act of 1990 (OPA '90), which mandates that any vessel carrying crude oil or refined petroleum products in U.S.
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 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.
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.