The Manitowoc Company, Inc. Intends to Relocate Its Crawler Manufacturing Operations to Shady Grove, Pennsylvania
08 Agosto 2016 - 10:15PM
Business Wire
The Manitowoc Company, Inc. to maintain its
corporate headquarters in Manitowoc, Wisconsin
The Manitowoc Company, Inc. (NYSE: MTW) announced its intent to
relocate its crawler crane manufacturing operations from Manitowoc,
Wisconsin to Shady Grove, Pennsylvania, to optimize its
manufacturing footprint, reduce costs and expand margins. This
initiative will increase operational efficiency and allow the
company to reallocate resources to invest in profitable growth. The
transition will begin in the third quarter with completion
anticipated by the middle of 2017.
In total, this initiative is expected to generate annualized
pre-tax cost savings of $25-30 million.
“After a comprehensive analysis and review of our current
manufacturing footprint, coupled with current market conditions, we
believe this restructuring initiative will ensure that our business
continues to meet and exceed the needs of our customers every day.
We further recognize that this will have a personal impact on
people who have been dedicated to Manitowoc. We thank them for
their contributions to the achievements of our business, and are
committed to treating them fairly and with respect throughout this
process,” said Barry Pennypacker, president and chief executive
officer, The Manitowoc Company, Inc.
Shady Grove is a 300-acre facility with proven capability in
manufacturing a broad range of product lines including its rough
terrain cranes, truck cranes, boom trucks, industrial cranes and
lattice boom crawler cranes. Since 2015, Shady Grove has been
producing crawler cranes with the quality and reliability customers
expect. Manitowoc has made significant investments in new equipment
at the Shady Grove facility to augment its capacity and capability.
This transition will optimize utilization of these assets with
sufficient manufacturing capacity to support current and future
crawler demand.
Manitowoc's crawler business intends to maintain its product
engineering and related support functions in the Manitowoc,
Wisconsin area.
The Manitowoc Company, Inc. will maintain its headquarters in
Manitowoc, Wisconsin.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global
manufacturer of cranes and lift solutions with manufacturing,
distribution, and service facilities in 20 countries. Manitowoc is
recognized as one of the premier innovators and providers of
crawler cranes, tower cranes, and mobile cranes for the heavy
construction industry, which are complemented by a slate of
industry-leading aftermarket product support services. In 2015,
Manitowoc's revenues totaled $1.9 billion, with over half of these
revenues generated outside the United States.
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version on businesswire.com: http://www.businesswire.com/news/home/20160808006185/en/
The Manitowoc Company, Inc.Ion WarnerVice President Marketing
& Investor Relations+1 717-593-5266
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