Manitowoc completes sale to Fincantieri

Manitowoc Co. Inc. in the USA said recently that it has completed the sale of its shipbuilding business to Fincantieri of Italy for about $120 million in cash. Manitowoc said it intends to use the after-tax proceeds for debt reduction and other corporate purposes.

In 2007, the Manitowoc Marine Group had sales of $321 million and operating earnings of $26 million from its shipbuilding, ship repair, and ship conversion company that operates facilities in Sturgeon Bay and Marinette in Wisconsin and a facility in Cleveland. The group serves commercial, military and government customers that operate vessels both on and off the Great Lakes. Manitowoc Marine employs 1,587 at its various facilities.

The sale allows the Manitowoc-based manufacturer to concentrate on its two remaining businesses: cranes and commercial foodservice equipment, said Manitowoc CEO Glen Tellock. “We have built market leadership positions in both of these global markets, and now will be able to direct all of our efforts on growing these two businesses even further,” Tellock said in a press release. “While the company was founded as a shipbuilder in 1902, in recent years we have pursued growth in markets where we have stronger competitive positions and opportunities.”