The Manitowoc Company, Inc. - Introduction

Introduction

2400 South 44th Street
Post Office Box 66
Manitowoc, Wisconsin 54221-0066
U.S.A.
Telephone: (920) 684-4410
Fax: (920) 652-9778
Web site: http://www.manitowoc.com

Public Company
Incorporated: 1902 as Manitowoc Dry Dock Company
Employees: 7,800
Sales: $1.41 billion (2002)
Stock Exchanges: New York
Ticker Symbol: MTW
NAIC: 333120 Construction Machinery Manufacturing; 333415 Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing; 333923 Overhead Traveling Crane, Hoist, and Monorail System Manufacturing; 336611 Ship Building and Repairing

The Manitowoc Company, Inc. is a diversified manufacturer of cranes and related products, foodservice equipment, and ships. Its cranes operations, which contribute more than half of overall sales and which serve the heavy construction, energy, infrastructure, and other industries, lead the world in latticeboom cranes, tower cranes, rough-terrain cranes, truck-mounted cranes, and boom trucks; Manitowoc also produces all-terrain cranes and aerial work platforms. The foodservice segment, accounting for about one-third of revenues, includes ice-making and beverage-dispensing machines, walk-in and reach-in refrigerators and freezers, and related products; industries served include the restaurant, hospitality, healthcare, convenience store, supermarket, soft-drink bottling and dispensing, and commercial ice service sectors. Manitowoc's marine operations, which generate about 16 percent of sales, are involved in building U.S. Coast Guard cutters, ferries, barges, and other vessels—both commercial and military—as well as the inspection, maintenance, and repair of vessels. More than two-thirds of Manitowoc's revenues are generated in North America, about onequarter in Europe, about 5 percent in Asia, and the remaining 3 percent elsewhere. Manitowoc started off in the early 20th century in shipbuilding, branched out into crane manufacturing in the 1920s, and in the 1940s entered the foodservice sector through the launch of freezer manufacturing. The company's more recent history is marked by several landmark acquisitions: Sturgeon Bay Shipbuilding and Dry Dock Company in 1968 (later renamed Bay Shipbuilding Company); The Shannon Group, Inc., a large manufacturer of commercial refrigerators and freezers, in 1995; Marinette Marine Corporation in 2000; the French firm Potain S.A. (renamed Potain SAS), the world's leading producer of tower cranes, in 2001; and Grove Worldwide, a global leader in mobile telescopic cranes, in 2002.