The Manitowoc Company (original) (raw)

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Designs, manufactures, & supports mobile telescopic cranes, tower cranes, and boom trucks

The Manitowoc Company, Inc.
Company type Public
Traded as NYSE: MTWRussell 2000 Component
Industry Manufacturing
Founded 1902
Headquarters 11270 W. Park PlaceMilwaukee, Wisconsin, United States
Key people Aaron Ravenscroft (CEO)
Products Cranes
Revenue Increase US$ 1.85 Billion [1] (2018)
Operating income Decrease US$ (19.3 Million) [1] (2018)
Net income Decrease US$ (67.1 Million) [1] (2018)
Total assets Decrease US$ 1.54 Billion [1] (2018)
Total equity Decrease US$ 601 Million [1] (2018)
Number of employees 5,000 [2] (2018)
Divisions Manitowoc Cranes
Website www.manitowoc.com

The Manitowoc Company, Inc. is an American manufacturer which produces cranes and previously produced commercial refrigeration and marine equipment. It was founded in 1902 and, through its wholly owned subsidiaries, designs, manufactures, markets, and supports 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.[_citation needed_]

Launch of the USS Robalo (SS-273) at Manitowoc

Manitowoc Company, Inc. was founded in 1902 by Charles West and Elias Gunnell in Manitowoc, Wisconsin. Through the purchase of the Burger & Burger Shipyard and Drydock, 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.[_citation needed_]

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]

Manitowoc produces several lines of cranes to serve the construction, energy, and numerous other industries. The company produces high-capacity lattice-boom crawler cranes, tower cranes, and mobile telescopic cranes for heavy construction, commercial construction, residential construction, energy-related uses, wind farm,[5] infrastructure, duty-cycle, crane-rental applications, among others. 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:

Potain at Reed Exhibitions event Batimat in Villepinte near Paris [6]

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 was required to sell off the ice division of Enodis, including the Ice-O-Matic, Scotsman, Simag, and Barline brands, to address antitrust concerns.[8] The division was sold to American private equity firm Warburg Pincus in 2009.[9] Warburg Pincus later sold the ice division to the Italian Ali Group.[10]

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"[11] Manitowoc Foodservice rebranded itself as Welbilt, Inc. and traded under the symbol "WBT".[12]

The newly formed company was under the leadership of former Manitowoc Company executive Hubertus M. Muehlhaeuser, who had eight direct reports.[13] They were supported by a seven-member board of directors which included Mr. Muehlhaeuser.[14]

Manitowoc Foodservice consisted of 23 global brands that include 12 holding either #1 or #2 position in their respected global markets.[15]

In 2022 Welbilt was acquired by the Italian Ali Group.[16] As part of the acquisition, Manitowoc Ice was sold off to British-American firm Pentair to address antitrust concerns.[17]

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 Manitowoc Company announced in August 2008 a proposal to sell the marine division to Italian shipbuilder Fincantieri.[18] The sale closed on December 31, 2008.[19]

Corporate governance

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  1. ^ a b c d e "The Manitowoc Company Reports Fourth-Quarter and Full-Year 2018 Financial Results and Full-Year 2019 Guidance".
  2. ^ "Manitowoc 2018 Annual Report" (PDF). March 2019. Retrieved December 18, 2019.
  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. ^ "Manitowoc Sells Enodis Ice Business". QSR Magazine. 30 March 2009. Retrieved 2 March 2024.
  9. ^ "Warburg Pincus Completes Acquisition Of Enodis Global Ice Machine Business From The Manitowoc Company". www.foodonline.com. Retrieved 2 March 2024.
  10. ^ "ALI Group To Acquire Scotsman Industries From Warburg Pincus". www.prnewswire.com (Press release). Retrieved 2 March 2024.
  11. ^ Joe Cornell. "Manitowoc Spins Manitowoc Foodservice". Forbes.com. Retrieved 2018-02-05.
  12. ^ "Welbilt - Manitowoc Foodservice Changing Name to Welbilt". www.welbilt.com. Retrieved 2019-12-18.
  13. ^ "Welbilt Inc. - Investor Relations - Corporate Governance - Executive Leadership Team". Ir.manitowocfoodservice.com. 2016-03-17. Retrieved 2018-02-05.
  14. ^ "Welbilt Inc. - Investor Relations - Corporate Governance - Board of Directors". Ir.manitowocfoodservice.com. 2016-03-17. Retrieved 2018-02-05.
  15. ^ "Welbilt - Bringing innovation to the table". Manitowocfoodservice.com. Retrieved 2018-02-05.
  16. ^ "Ali Group Completes Acquisition of Welbilt". Ali Group Worldwide. Retrieved 2 March 2024.
  17. ^ "Pentair Completes Transaction to Acquire Manitowoc Ice". Pentair.com. Retrieved 2 March 2024.
  18. ^ "Fincantieri Acquires Manitowoc Marine". Defense Industry Daily. 2008-08-11. Retrieved 2008-10-26.
  19. ^ "Manitowoc Completes Sale of Its Marine Business". The Manitowoc Company. 2009-01-02.
  20. ^ a b Ravenscroft, Aaron. "The Manitowoc Company, Inc. - Investor Relations - Corporate Governance - Board of Directors". Manitowoc. Ir.manitowoc.com. Retrieved 2021-03-10.
  21. ^ a b c d e Ravenscroft, Aaron. "The Manitowoc Company, Inc. - Investors - Corporate Governance - Senior Management". ir.manitowoc.com. Retrieved 2021-03-10.