Manitowoc Agrees to Acquire Aspen Equipment
16 Agosto 2021 - 11:58PM
Business Wire
Further Supports Manitowoc’s Growth Strategy
in the U.S.
The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or
“Manitowoc”), a leading global manufacturer of cranes and lifting
solutions, announced today that it has entered into a definitive
agreement to acquire substantially all the assets of Aspen
Equipment, Co. (“Aspen”), a diversified crane dealer and a leading
final-stage, purpose-built work truck upfitter for approximately
$51 million. The transaction is expected to close in September 2021
and is subject to customary closing conditions.
The acquisition will expand Manitowoc’s direct-to-customer
footprint in Iowa, Nebraska, and Minnesota with new sales, used
sales, parts, service, and rentals to a variety of end markets.
Aspen’s field support team brings industry-leading technical
competencies and exceptional customer support. In addition, Aspen’s
specialized crane and truck equipment upfitting capabilities
provide greater depth of product offerings to a wider base of
customers including loyal Manitowoc customers.
“We are pleased to reach this mutually beneficial agreement with
Aspen which will position Manitowoc closer to our end markets in
the U.S. and complement our pending acquisition of H&E
Equipment’s crane business. Aspen is a well-established, proven
dealer with great upfitting capabilities which will fit great with
Manitowoc's National Crane boom truck product offering. We look
forward to welcoming the Aspen team to the Manitowoc family. We
expect this acquisition will be accretive to adjusted EBITDA in
year one,” commented Aaron H. Ravenscroft, President and Chief
Executive Officer of The Manitowoc Company, Inc.
“Over the years, Aspen Equipment has developed numerous
innovative lifting and final-configuration truck solutions for a
variety of end customers. This customer-centric approach will
provide Manitowoc a solid platform for growth,” concluded Mr.
Ravenscroft.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. was founded in 1902 and has over a
118-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, lattice-boom crawler cranes, boom trucks,
tower cranes, and industrial cranes under the Grove, Manitowoc,
National Crane, Potain and Shuttlelift brand names.
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:
- The negative impacts COVID-19 has had and will continue to have
on Manitowoc’s business, financial condition, cash flows, results
of operations and supply chain, as well as customer demand
(including future uncertain impacts);
- actions of competitors;
- 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;
- changes in raw material and commodity prices;
- geographic factors and political and economic conditions and
risks;
- the ability to complete and appropriately integrate
acquisitions, divestitures, strategic alliances, joint ventures or
other significant transactions;
- the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long-term initiatives;
- government approval and funding of projects and the effect of
government-related issues or developments;
- unanticipated changes in the capital and financial
markets;
- unanticipated changes in revenues, margins and costs;
- risks and factors detailed in Manitowoc's 2020 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, 2020.
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Ion Warner Vice President, Marketing and Investor Relations +1
414-760-4805
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