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Terry D Growcock News

11 Oct 2001

Manitowoc Marine Group Awarded Contracts

The Manitowoc Company, Inc., the leading provider of shipbuilding and ship-repair services for the U.S. Great Lakes maritime industry, announced today that the City of New York recently awarded its Manitowoc Marine Group contracts to build three Kennedy-class ferries. The contracts represent over $124 million of business which will extend into 2004. In addition, Manitowoc Marine Group has also received a contract from Great Lakes Dredge & Dock to build a 7,100-cubic-yard dump scow for this worldwide dredging contractor. The new Kennedy-class ferries will be 310 feet long, 70 feet wide, and are capable of transporting 4,400 passengers and 30 vehicles.

16 Oct 2001

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.

27 Nov 2001

Manitowoc to Build Additional Buoy Tenders for USCG

The Manitowoc Company, Inc. today announced that its Marinette Marine subsidiary was awarded options to build two additional seagoing buoy tenders for the U.S. Coast Guard. The options, valued at approximately $60 million, are extensions to an existing series of contracts awarded by the Coast Guard in 1993 and 1998 to build up to 16 Juniper-class buoy tenders. "These options mark nearly $350 million in new shipbuilding contracts won this year alone, and they further enhance our position as the U.S. Coast Guard's largest supplier of shipbuilding and ship-repair work," said Terry D. Growcock, Manitowoc's president and chief executive officer. "We're pleased to continue the strong partnership between the U.S.

27 Aug 2003

Manitowoc Launches New Cutter

Inc. has launched the U.S. Manitowoc's Marinette Marine subsidiary. 1998. "SEQUOIA joins her sophisticated sister cutters in helping the U.S. Guard to successfully complete a variety of important missions," said Terry D. Growcock, Manitowoc's chairman and chief executive officer. the ship, performing the traditional christening ceremony. The U.S. command of Captain R. officers and 34 enlisted personnel. and rescue operations and domestic ice breaking. the United States between 1908 and 1946. States Lighthouse Service. In addition to the Juniper-class buoy tenders being built for the U.S. for New York City's Department of Transportation. awarded a $40.5-million contract by the U.S. the USCGC MACKINAW.

03 Nov 2003

Manitowoc Reports Third-Quarter Results

The Manitowoc Company, Inc. reported net sales of $422.3 million for the third quarter of 2003, increasing 7 percent from $394.9 million during the same period last year. The company also reported net earnings of $7.2 million, or $0.27 per diluted share, compared with net earnings of $14.7 million, or $0.57 per diluted share, in the third quarter of 2002. Excluding special charges totaling $2.2 million ($1.6 million net of tax), third-quarter earnings were $0.33 per diluted share. Special charges primarily included $1.2 million for restructuring charges related to rationalization and facility closures in the Crane segment and approximately $0.5 million in fees related to early debt payment.

30 Jan 2002

Manitowoc Reports 2001 Results

The Manitowoc Company, Inc. reported record revenue and cash flow for the full year ended December 31, 2001. Net sales for the year increased 27.9 percent to $1.1 billion from $873.3 million for 2000. Earnings, excluding a one-time charge, were $48.9 million, or $1.99 per diluted share, compared with $60.3 million, or $2.40 per diluted share, for the comparable period in 2000. Including the one-time, after-tax charge of $3.3 million for prepayment of the company’s credit facilities related to the Potain acquisition, net earnings for 2001 were $45.5 million, or $1.86 per diluted share. EVA totaled $19.0 million for the full year 2001, compared with $35.4 million for the same period one year ago.

20 Mar 2002

Manitowoc To Acquire Grove Worldwide

The Manitowoc Company, Inc. announced today that it has executed a definitive agreement to acquire Grove Worldwide, a leading manufacturer of mobile hydraulic cranes and truck-mounted cranes. The acquisition, valued at approximately $270 million, will be funded by a combination of cash and approximately two million shares of Manitowoc common stock based on current market prices. “Grove enhances our market-leading positions, represents a strong growth opportunity for our crane segment, and fills a product void by adding mobile cranes to our product offering. Equally important, we now can provide equipment and lifting solutions for virtually any construction application.” said Terry D. Growcock, Manitowoc’s president and chief executive officer.

15 May 2002

Manitowoc Marine Launches USCG Cutter Hickory

The Manitowoc Company, Inc. successfully launched the U.S. Coast Guard Cutter Hickory, the twelfth ship in a series of 16 seagoing buoy tenders being built at Manitowoc's Marinette Marine subsidiary. This 225-foot Juniper-class vessel is part of a series of contracts that were awarded to Marinette in 1993 and 1998. "This launch marks another milestone event for both the U.S. Coast Guard and Manitowoc Marine Group," said Terry D. Growcock, Manitowoc's president and chief executive officer. "The Hickory is the latest in a new fleet of technically advanced and highly capable buoy tenders sailing today. The launch ceremony, which took place on May 11, featured U.S.

13 May 2002

Manitowoc Marine Group Launches Coast Guard Cutter

The Manitowoc Company, Inc. launched the U.S. Coast Guard Cutter HICKORY, the twelfth ship in a series of 16 seagoing buoy tenders being built at Manitowoc's Marinette Marine subsidiary. This 225-foot Juniper-class vessel is part of a series of contracts that were awarded to Marinette in 1993 and 1998. "This launch marks another milestone event for both the U.S. Coast Guard and Manitowoc Marine Group," said Terry D. Growcock, Manitowoc's president and chief executive officer. "The HICKORY is the latest in a new fleet of technically advanced and highly capable buoy tenders sailing today. The launch ceremony, which took place on May 11, featured U.S.

03 Jun 2002

Manitowac Appoints Tellock President of Crane Group

The Manitowac Company, Inc. named senior vice president and chief financial officer Glen E. Tellock as president and general manager of Manitowac’s Crane Group, effective immediately. “With the pending Grove acquisition, we assessed the organizational needs required to run a billion-dollar crane segment. Glen’s solid financial experience will be a tremendous asset in managing our crane business, which has tripled in size in the last 14 months,” said Terry D. Growcock, Manitowac’s president and CEO. “As senior vice president and CFO, Glen was intimately involved in setting the strategic direction for the company, and played an instrumental role in the successful acquisition of Potain and our pending acquisition of Grove Worldwide.

22 Dec 2000

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.

11 Jan 2001

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.

30 Jan 2001

Manitowoc Reports Results

The Manitowoc Company, Inc. reported its financial results for the fourth quarter and year ended December 31, 2000. Net sales for 2000 grew 5.9 percent to $873.3 million from $824.3 million in 1999. Net earnings for 2000 were $60.3 million compared with $66.8 million in 1999. Manitowoc also generated $34.4 million of EVA during 2000, its second highest level of economic value, eclipsed only by the $43.2 million level attained in 1999. For the fourth quarter of 2000, net sales increased more than 13 percent to $209.3 million from $184.8 million for the same period in 1999. Net earnings for the fourth quarter of 2000 were $10.5 million compared with $14 million for the fourth quarter of 1999.

18 Jun 2002

Manitowoc Marine Launches USCG Cutter

The Manitowoc Company, Inc. launched the U.S. Coast Guard Cutter Hickory, number 12 in a series of 16 seagoing buoy tenders being built at Manitowoc's Marinette Marine subsidiary. This 225-ft. Juniper-class vessel is part of a series of contracts that were awarded to Marinette in 1993 and 1998. "This launch marks another milestone event for both the U.S. Coast Guard and Manitowoc Marine Group," said Terry D. Growcock, Manitowoc's president and chief executive officer. "The Hickory is the latest in a new fleet of technically advanced and highly capable buoy tenders sailing today. The launch ceremony, which took place on May 11, featured U.S. Representative Don Young (R-AK) as the keynote speaker; his wife, Lula Young, the sponsor of the ship, performed the traditional christening ceremony.

27 Jun 2002

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…

07 May 2007

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.

01 May 2007

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.

22 Mar 2007

Manitowoc Company Enters New Rights Agreement

The Manitowoc Company announced that its Board of Directors has adopted a new Rights Agreement. In connection with its approval of the Rights Agreement, the Board of Directors declared, to shareholders of record as of March 30, 2007, a dividend distribution of one right for each outstanding share of Common Stock of the Company. The new rights replace similar rights that the Company issued under its Rights Agreement that expired on September 18, 2006. Generally, the rights will be exercisable only if a person or group acquires 20% or more of the Company’s Common Stock or announces a tender offer, the consummation of which would result in ownership by a person or group of 20% or more of the Common Stock.

27 Jan 2003

Manitowoc Launches Coast Guard Cutter

The Manitowoc Company, Inc. has launched the U.S. Coast Guard Cutter Hollyhock, the fourteenth ship in a series of 16 seagoing buoy tenders being built at Manitowoc’s Marinette Marine subsidiary. Juniper-class vessel is part of a series of contracts that were awarded to Marinette in 1993 and 1998. “HOLLYHOCK and her sister cutters are highly sophisticated vessels that will enable the U.S. Coast Guard to effectively perform a wide variety of missions,” said Terry D. Growcock, Manitowoc’s chairman and chief executive officer. The launch ceremony, which took place on January 25, featured Rear Admiral Ronald F. admiral’s wife and sponsor of the ship, performing the traditional christening ceremony. The U.S. command of Lt.

20 Nov 2002

Tug/Barge Units Establish VMS as ATB Leader

The 9,280 hp Ocean Relience is the first of two tugs built by Marinette Marine Corp. for Vessel Management Services (VMS), a Crowley Maritime Co. The vessel is intended to operate as a tug/barge unit in conjunction with the 155,000-barrel tank barge 550-3. Construction engineering for the barge was also accomplished by Schuller & Allan LLC. The connection device is an Intercon Coupling system. Earlier this year, Vessel Management Services, Inc. christened the first of four Articulated Tug-Barge (ATB) tank vessels that the company took in 2002, the 9,280 hp-tug Sea Reliance and 155,000-barrel barge 550-1, built by Halter Marine. The barge 550-1 was built at Halter's Port Bienville shipyard in Pearlington, Miss., and the Sea Reliance at its Moss Point Marine shipyard, in Escatawpa, Miss.

08 Jun 2006

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.

13 Nov 2001

Manitowoc Tapped For $120M NYC Ferry Project

In one of the most hotly contested newbuild contracts of the year, Manitowoc Company, Inc. came out on top when it was awarded a contract by the City of New York to build three Kennedy-class ferries. The new Kennedy-class ferries will measure 310 x 70 ft., and are capable of transporting 4,400 passengers and 30 vehicles. The new ferries are scheduled replace three 1965-built ferries, and will provide year-round transportation service between Staten Island and Manhattan. The ferries will feature twin pilot houses plus state-of-the-art navigation and propulsion systems. "This contract is an excellent example of the solid growth opportunities afforded us by our strategic acquisition program in general, and more specifically, last year's acquisition of Marinette Marine," said Terry D.

19 Aug 2002

Manitowoc Launches Coast Guard Cutter

The Manitowoc Company, Inc. has launched the U.S. Coast Guard Cutter Fir, the thirteenth ship in a series of 16 seagoing buoy tenders being built at Manitowoc's Marinette Marine subsidiary. This 225-ft. Juniper-class vessel is part of a series of contracts that were awarded to Marinette in 1993 and 1998. "Like its sister vessels, the Fir contains the most advanced technology available for buoy tenders," said Terry D. Growcock, Manitowoc's president and chief executive officer. "We believe the new FIR is as strong as Manitowoc's commitment to the U.S. The launch ceremony, which took place August 18, featured Vice Admiral Thomas J. Barrett, Vice Commandant of the U.S. Coast Guard, as the keynote speaker.