The Manitowoc Company

The Manitowoc Company, Inc. was founded in 1902 and has over a 116-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names.

The Manitowoc Company, Inc.
Public
Traded asNYSE: MTW
Russell 2000 Component
ISINUS5635711089 
IndustryManufacturing
Founded1902
Headquarters
11270 W. Park Place
Milwaukee, Wisconsin
,
Key people
Barry L. Pennypacker (CEO)
ProductsCranes
Revenue US$ 1.85 Billion (2018) [1]
US$ (19.3 Million) (2018) [1]
US$ (67.1 Million) (2018) [1]
Total assets US$ 1.54 Billion (2018) [1]
Total equity US$ 601 Million (2018) [1]
Number of employees
5,000 (2018)[2]
DivisionsManitowoc Cranes
Websitewww.manitowoc.com

History

Manitowoc Company, Inc. was founded by Charles West and Elias Gunnell in the lakeshore community of Manitowoc, Wisconsin, in 1902. It was known as a shipbuilding and ship-repair company under the name Manitowoc Shipbuilding Company. The company grew and diversified, entering the lattice-boom crane business in the mid-1920s and branching into commercial refrigeration equipment shortly after World War II. During World War II, the Department of the Navy contracted Manitowoc to build a total of 28 submarines, plus the canceled USS Chicolar (SS-464).[3] Before they built the submarines for the Department of the Navy, the company built car ferries. In November 2002, the company acquired the Grove Crane company for approximately $271 million. In March 2016, Manitowoc completed the tax-free spin-off of its food service equipment operations, placing itself as a standalone crane company.[4]

Lifting Solutions

Manitowoc produces several lines of cranes to serve the construction, energy, and other industries. The company produces high-capacity lattice-boom crawler cranes, tower cranes, and mobile telescopic cranes for heavy construction, commercial construction, energy-related, wind farm,[5] infrastructure, duty-cycle and crane-rental applications. It is also a producer of boom trucks. The company has a thriving after-sales business as well, providing service, parts, renovation and training.

Main Brands:

  • Manitowoc cranes — Crawler cranes
  • Grove cranes — rough-terrain, truck-mounted, all-terrain, Grove YardBoss, industrial cranes and Shuttlelift carry deck cranes. Grove began producing cranes in 1947 in Shady Grove, Pa.
  • Potain cranes — Tower cranes and Self erecting tower cranes. Founded in La Clayette, France in 1928.
  • National Crane — Telescoping Boom Trucks (articulating line was discontinued at the end of 2008). Founded in Waverly, Nebraska in 1963 and all production of National Crane Boom Trucks moved to Shady Grove, Pa. after the acquisition by Manitowoc.
  • Manitowoc Crane Care — Customer service branch established in 2000. Crane Care operates in 15 countries at 22 locations.

Food Service division

Manitowoc Foodservice was a sub-division of the Manitowoc Company, producing ice machines and refrigeration equipment for businesses.

The company acquired SerVend International, a manufacturer of ice and beverage systems equipment for the foodservice industry, in October 1997.[7]

In 2008, the company acquired Enodis PLC, a UK-based supplier of restaurant equipment, including fryers, ovens, and ice machines. Manitowoc Foodservice announced that they would be selling off the ice division of Enodis, and the sale of that division has been completed.[8]

On March 4, 2016 The Manitowoc Company completed a one for one common share split and created Manitowoc Foodservice. As of March 7, 2016 the newly created company began standard stock offerings on the NYSE under the symbol "MFS"[9] Manitowoc Foodservice rebranded itself as Welbilt, Inc. and now trades under the symbol "WBT".[10]

The newly formed company is under the leadership of former Manitowoc Company executive Hubertus M. Muehlhaeuser, who currently has eight direct reports are the current executives.[11] They are supported by a seven-member board of directors which includes Mr. Muehlhaeuser.[12]

Manitowoc Foodservice consisted of 23 global brands that include 12 holding either #1 or #2 position in their respected global markets.[13]

Marine division

Manitowoc Marine was a subdivision of the Manitowoc Company, which builds and repairs commercial and military ships at yards in Marinette, Wisconsin; Sturgeon Bay, Wisconsin; and Cleveland, Ohio. The Marinette shipyard, Marinette Marine, built the first Freedom class littoral combat ship for the United States Navy, and the United States Coast Guard Cutter Mackinaw. In August 2008, Manitowoc Marine Division repaired the SS Badger. The SS Badger is like the car ferries that were built by Manitowoc Company before they built 28 submarines for the defense department during World War II. The Manitowoc Company announced in August 2008 a proposal to sell the marine division to Italian shipbuilder Fincantieri.[14] The sale closed on December 31, 2008.[15]

Corporate governance

  • Kenneth W. Krueger — Interim Chairman, President and CEO, The Manitowoc Company, Inc.[16]
  • Barry L. Pennypacker — President and Chief Executive Officer, Manitowoc Cranes, Inc.[16]

See also

References

  1. https://ir.manitowoc.com/investor-relations/news-releases/press-release-details/2019/The-Manitowoc-Company-Reports-Fourth-Quarter-and-Full-Year-2018-Financial-Results-and-Full-Year-2019-Guidance/default.aspx. Missing or empty |title= (help)
  2. (PDF). March 2019 https://s21.q4cdn.com/264200883/files/doc_financials/annual/2018/2018-MTW-Annual-Report.PDF. Retrieved Dec 18, 2019. Missing or empty |title= (help)
  3. Lenton, H. T. American Submarines (Doubleday, 1973), pp.72, 74, 76, & 94.
  4. "Manitowoc to move crane operations to Pa". Milwaukee Journal Sentinel. August 9, 2016. Retrieved December 29, 2018.
  5. "Manitowoc Wind Power Crane". Alternative Energy. 2007-05-15. Retrieved 2008-09-07.
  6. "Paris Nord Villepinte Exhibition Center". Paris Digest. 2018. Retrieved 2018-11-09.
  7. "Company News; Manitowoc to Acquire Maiker of Beverage Dispensers". The New York Times. October 2, 1997. Retrieved February 9, 2018.
  8. Barrett, Rick (July 1, 2008). "Manitowoc Co. wins Enodis". Journal Sentinel. Retrieved 22 May 2014.
  9. Joe Cornell. "Manitowoc Spins Manitowoc Foodservice". Forbes.com. Retrieved 2018-02-05.
  10. "Welbilt - Manitowoc Foodservice Changing Name to Welbilt". www.welbilt.com. Retrieved 2019-12-18.
  11. "Welbilt Inc. - Investor Relations - Corporate Governance - Executive Leadership Team". Ir.manitowocfoodservice.com. 2016-03-17. Retrieved 2018-02-05.
  12. "Welbilt Inc. - Investor Relations - Corporate Governance - Board of Directors". Ir.manitowocfoodservice.com. 2016-03-17. Retrieved 2018-02-05.
  13. "Welbilt - Bringing innovation to the table". Manitowocfoodservice.com. Retrieved 2018-02-05.
  14. "Fincantieri Acquires Manitowoc Marine". Defense Industry Daily. 2008-08-11. Retrieved 2008-10-26.
  15. "Manitowoc Completes Sale of Its Marine Business". The Manitowoc Company. 2009-01-02.
  16. "The Manitowoc Company, Inc. - Investor Relations - Corporate Governance - Senior Management". Ir.manitowoc.com. Retrieved 2018-02-05.
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