| EXECUTIVE SUMMARY |
First Nine Months 2015 Results
Marketing and Distribution
North American Machinery Sales
North American Machinery Production
|The Manitowoc Company Inc. is a multi-industry,
capital goods manufacturer operating in two markets: Cranes and Related
Products (Crane) and Foodservice Equipment (Foodservice). The company, one of the world’s leading
engineering lifting equipment providers, is the number one supplier of mobile
telescopic, lattice boom crawler, and tower cranes and boom crane trucks to the
global construction industry. Cranes are found in a wide variety of
applications, including energy and utilities, petrochemical and industrial
projects, infrastructure development such as road, bridge and airport
construction, and commercial and high-rise residential construction.|
January 29, 2015, Manitowoc announced that the company’s Board of Directors had
approved a plan to separate its Foodservices and Crane businesses into two
independent, publicly-traded companies.
The company expects that the separation of the segments will be
finalized in the first quarter of 2016.
Manitowoc believes that, as separate companies, Cranes and Foodservice
will each be in a better position to realize their respective potentials;
including the ability for each company to determine individual strategies as
market conditions change; the growth of a long-term investor base that
evaluates each company separately; and the greater flexibility that each
company will have in determining capital allocation strategies. The split into two businesses will result in
changes to the Board’s structure.
split of Manitowoc’s Foodservice and Cranes segments follows on the heels of
another major splintering of the company at the end of 2008. At that time Manitowoc Marine Group, a
shipbuilding and repair company, was sold to Fincantieri-Cantieri Navali SpA of
Italy. Ironically, Manitowoc was founded in 1902 as a shipbuilding company, but
over the years, the cranes and other segments became a more significant focus
of the company.