The Manitowoc Company Announces $30 Million Share Repurchase Program
07 Maggio 2019 - 10:08PM
Business Wire
The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or
“Manitowoc”) a leading global manufacturer of cranes and lifting
solutions, today reported that its Board of Directors authorized a
share repurchase program of up to $30 million of the Company’s
common stock with no stated expiration. Under the program, shares
may be repurchased in the open market at times and amounts
determined by the Company based on its evaluation of market
conditions, continued compliance with its debt covenants, and other
factors. Manitowoc is not obligated to make any repurchases and may
discontinue the program at any time.
“Our new capital structure provides us with financial
flexibility which allows us to return capital to shareholders while
also enabling us to make strategic investments to pursue growth,”
commented Barry L. Pennypacker, President and Chief Executive
Officer of The Manitowoc Company, Inc. “The decision by Manitowoc’s
Board of Directors to implement a share repurchase program
demonstrates confidence in our business strategy and enables us to
deliver additional value to shareholders.”
Forward-looking Statements
This press release includes “forward-looking statements”
intended to qualify for the safe harbor from liability under the
Private Securities Litigation Reform Act of 1995. Any statements
contained in this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the current expectations of the management of the Company
and are subject to uncertainty and changes in circumstances.
Forward-looking statements include, without limitation, statements
typically containing words such as “intends,” “expects,”
“anticipates,” “targets,” “estimates,” and words of similar import.
By their nature, forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results and developments to differ
materially include, among others:
• changes in economic or industry conditions generally or in the
markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in
global demand for high-capacity lifting equipment, changes in
demand for lifting equipment in emerging economies, and changes in
demand for used lifting equipment;
• unanticipated changes in revenues, margins, costs, and capital
expenditures;
• the ability to increase operational efficiencies across
Manitowoc’s businesses and to capitalize on those efficiencies;
• the ability to significantly improve profitability;
• the risks associated with economic growth or contraction;
• changes in raw material and commodity prices;
• impairment of goodwill and/or intangible assets;
• foreign currency fluctuation and its impact on reported
results and hedges in place with Manitowoc;
• the ability to focus on customers, new technologies, and
innovation; and
• risks and factors detailed in Manitowoc's 2018 Annual Report
on Form 10-K and its other filings with the United States
Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak
as of the date on which they are made. Information on the potential
factors that could affect the Company's actual results of
operations is included in its filings with the Securities and
Exchange Commission, including but not limited to its Annual Report
on Form 10-K for the fiscal year ended December 31, 2018.
About The Manitowoc Company, Inc.
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 and for the year ended
December 31, 2018 had net sales of approximately $1.8 billion.
Manitowoc is one of the world's leading providers of engineered
lifting solutions. Manitowoc designs, manufactures, markets, and
supports one of the most comprehensive product lines of mobile
telescopic cranes, tower cranes, lattice-boom crawler cranes, and
boom trucks.
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Ion WarnerVice President, Marketing and Investor Relations+1
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