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The Manitowoc Company Inc News

25 Mar 2009

Lockheed Martin Contract for Next LCS

The U.S. Navy has awarded a Lockheed Martin (NYSE:LMT) -led industry team a fixed price incentive fee contract to construct the Navy's third Littoral Combat Ship (LCS). Marinette Marine Corporation in Marinette, WI, will construct the ship. "The Freedom class LCS is the most affordable surface combatant in the current shipbuilding plan in the last four decades - only six years from concept to the fleet, half the time," said Dan Schultz, vice president and general manager of Lockheed Martin's Integrated Defense Technologies business. The nation's first LCS, USS Freedom, was also built at Marinette Marine. USS Freedom was commissioned by the Navy on November 8, 2008, following successful sea trials in August and delivery in September.

05 Jan 2009

Manitowoc Sells Marine Business

On Jan. 2, the Manitowoc Company, Inc. (NYSE:MTW) announced the completion, effective as of December 31, 2008, of the previously announced sale of its Marine segment to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA (Fincantieri). The net purchase price in the all-cash deal was approximately $120m. Manitowoc intends to use the after-tax proceeds for debt reduction and other corporate purposes. "We are now entirely focused on two strategic lines of business: cranes and commercial foodservice equipment," said Manitowoc CEO Glen E. Tellock. "We have built market leadership positions in both of these global markets, and now will be able to direct all of our efforts on growing these two businesses even further.

05 Aug 2008

Fincantieri to Acquire the Manitowoc Marine Group

Fincantieri - Cantieri Navali Italiani S.p.A., a leader in the commercial and naval shipbuilding industry, signed a definitive acquisition agreement to acquire the Manitowoc Marine Group (MMG), from its parent company, The Manitowoc Company, Inc. [NYSE: MTW]. Lockheed Martin Corporation [NYSE: LMT] has agreed to be a minority investor with Fincantieri in the proposed acquisition. The transaction, that is valued at approx. $120m (subject to certain closing adjustments), is an all-cash deal that is anticipated to close at the end of 2008. The Boards of Directors of Fincantieri and have approved the terms of the agreement. The transaction is subject to customary closing conditions, including clearance from the antitrust authorities.

30 Jan 2008

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.

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.

13 Aug 2003

Manitowoc Selected to Build Navy Lighterage System (INLS)

The Manitowoc Company, Inc. and its subsidiary, Marinette Marine Corporation, part of the Manitowoc Marine Group, have been awarded a $40.5 million contract by the Naval Facilities Engineering Command, Department of the U.S. Navy, to build the Improved Navy Lighterage System (INLS). The contract contains additional fixed options that can be exercised over the next five years for a maximum amount of $404.8 million. As part of the initial contract, Marinette Marine will build 29 barges that can be assembled into floating platforms or causeway systems to transport heavy materials such as tanks, trucks, and cargo between ship and shore. Each barge will be approximately 80 ft. by 24 ft., will weigh between 75 and 124 tons, and will be capable of carrying approximately 150 tons of cargo.

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.

22 Sep 2003

The Manitowoc Company Launches Staten Island Ferry

Marinette Marine Corporation, a subsidiary of The Manitowoc Company, Inc., launched the ferry Guy V. Molinari, for New York City's Department of Transportation, on September 20. This 310-ft. ferry is one of three to be built as part of a $120-million contract that was awarded to Manitowoc in 2001. The launch ceremony featured Michael R. Bloomberg, mayor of New York, and Guy V. Molinari as the keynote speakers, with the Honorable Susan Molinari, former U.S. Congresswoman from New York and daughter of the ship's namesake, as the sponsor, who performed the traditional christening ceremony. "Throughout our 60-year history, Marinette Marine has constructed more than 1,300 ships for government and commercial customers, including buoy tenders for the U.S.

30 Sep 2003

Manitowoc to Build Oil Barges for Moran

The Manitowoc Company, Inc. through its subsidiary, Bay Shipbuilding Co., part of Manitowoc's Marine Group, has been awarded a contract from Moran Towing Corporation to build two ocean-class, double-hull, hot oil tank barges. The first barge is scheduled for delivery in the fourth quarter of 2004, and the second in the second quarter of 2005. Other contract terms were not disclosed. Each of the 110,000-barrel capacity barges will measure 425 feet in length by 78 feet in width and will be configured with 10 cargo compartments serviced by three diesel-driven, deep-well cargo pumps. The barges will also feature a stern notch and an Intercon coupling system, which will link the units to customer-supplied tugs.

28 Oct 2003

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.

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.

17 Nov 2003

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.

19 Nov 2003

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.

21 Nov 2003

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.

05 Feb 2004

Manitowoc Reports Fourth-Quarter and Full-Year Results

The Manitowoc Company, Inc. debt reduction for the full year 2003. the same period last year. the year-ago period. fourth quarter of 2003, earnings were $0.11 per diluted share. the same period last year. release. crawler cranes in U.S. company's ship-construction business. retirement. certain post-retirement benefits. $1.4 billion last year. of $20.5 million, or $0.80 per diluted share, last year. modestly above the company's previous guidance range.

09 Feb 2004

Manitowoc Group Launches Cutter

The Manitowoc Company, Inc. has launched the U.S. Coast Guard Cutter Alder, the last 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. “ALDER is a highly sophisticated cutter that will help the U.S. Coast Guard’s homeland security efforts and other missions,” said Dennis McCloskey, president of Manitowoc’s Marine Group. The launch ceremony, which took place on February 7, featured Vice Admiral James D.

10 Feb 2004

Manitowoc Marine Group Lays Keel of Great Lakes Ice Breaker

The Manitowoc Company, Inc. held a keel laying ceremony yesterday at its Marinette Marine subsidiary for the Coast Guard's newest icebreaker, the Mackinaw.. The ceremony featured Admiral Thomas Collins, commandant of the U.S. Coast Guard, as the keynote speaker, with Jean Hastert, wife of J. Dennis Hastert, Speaker of the House, serving as the ship's sponsor and authenticator. "The construction of this multi-mission vessel further demonstrates Manitowoc's superior technical and engineering capabilities," said Dennis McCloskey, president of Manitowoc Marine Group. "We are on schedule to deliver this innovative icebreaker in 2005. Not only is the Mackinaw the newest vessel we're building for the U.S. The Mackinaw will be approximately 240 ft. long, 60 ft. wide, and displace 3,500 long tons.

05 Mar 2004

Vessels: Manitowoc Group Launches Another Cutter

The Manitowoc Company, Inc. launched the U.S. Coast Guard Cutter Alder, the last 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. "Alder is a highly sophisticated cutter that will help the U.S. Coast Guard's homeland security efforts and other missions," said Dennis McCloskey, president of Manitowoc's Marine Group. The launch ceremony, which took place on February 7, featured Vice Admiral James D. Hull, Commander of the Atlantic Area, as the keynote speaker, with Judith Hull, the admiral's wife and sponsor of the ship, performing the traditional christening ceremony. The U.S.

28 May 2004

Navy Awards LCS Contracts to General Dynamics and Lockheed

The Navy has awarded General Dynamics Corp. and Lockheed Martin Corp. the final design contracts that could lead to orders for the Littoral Combat Ships (LCS). General Dynamics’ Bath Iron Work’s contract is worth $79M, and Lockheed’s is valued at $47M. The LCS is an entirely new breed of U.S. Navy warship. flexibility to ensure maritime dominance and access for the joint force. operate with focused-mission packages that deploy manned and unmanned vehicles to execute missions as assigned by Combatant Commanders. The Manitowoc Company, Inc.

04 Jun 2004

Vessels: The Manitowoc Company Launches Second Staten Island Ferry

Marinette Marine Corporation, a subsidiary of The Manitowoc Company, Inc. launched the ferry Sen. John J. Marchi for New York City's Department of Transportation on Saturday, May 8. This 310-ft. ferry is the second of three Staten Island Ferries to be built as part of a $120-million contract that was awarded to Manitowoc in 2001. The launch ceremony featured Michael R. Bloomberg, mayor of New York, as the keynote speaker, with Mrs. Maria Luisa Marchi, Senator Marchi's wife and the ship's sponsor, performing the traditional christening ceremony. "This series of cutting-edge ferries demonstrates the strengths of our Marinette shipyard.

31 Jan 2002

Manitowoc Launches Coast Guard Cutter

The Manitowoc Company, Inc. recently launched the U.S.Coast Guard Cutter Oak, the eleventh 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, which were awarded to Marinette in 1993 and 1998. The launch ceremony, which took place on January 26, featured U.S. Representative Henry E. Brown Jr. (D-SC) as the keynote speaker; his wife, Billye Brown, the sponsor of the ship, performed the traditional christening ceremony. Rear Admiral Jay Carmichael, commander of the seventh U.S. Coast Guard District also attended the ceremony. The U.S. Coast Guard Cutter Oak will homeport in Charleston, S.C., under the command of LCDR James M. Cash.