MANITOWOC, Wis.--(BUSINESS WIRE)--
The Manitowoc Company, Inc. (NYSE: MTW) announced today that it has
named Barry L. Pennypacker as president and chief executive officer of
Manitowoc Cranes. Mr. Pennypacker, who assumes his responsibilities
immediately, will report to current interim chairman and chief executive
officer of The Manitowoc Company, Inc., Kenneth W. Krueger. Larry J.
Weyers, the current president of Manitowoc Cranes, will continue with
the company as executive vice president of Manitowoc Cranes.
“Barry brings a fresh perspective to the Manitowoc Cranes business. His
results-focused leadership style has led the transformation of several
complex businesses through continuous process improvements, which
delivered significant operational and financial performance improvements
and increased shareholder value. Furthermore, Barry’s deep industrial
expertise, coupled with the successful execution of numerous lean
initiatives throughout his career, makes him an excellent candidate to
build on Manitowoc Crane’s leading market positions to return the
business to growth and improved profitability,” stated Krueger.
Upon the execution of the previously announced spin of Manitowoc
Foodservice, The Manitowoc Company, Inc. will change its name to
Manitowoc Cranes, Inc. Mr. Pennypacker will then serve as president and
chief executive officer of Manitowoc Cranes, Inc. and Mr. Krueger will
serve as Chairman of the Board of Manitowoc Cranes, Inc.
Most recently, Mr. Pennypacker served as founder, president, and chief
executive officer of Quantum Lean LLC, a privately held manufacturer and
supplier of precision components. Prior to that, he was president and
chief executive officer, as well as a director, of Gardner Denver Inc.,
a manufacturer and marketer of engineered industrial machinery and
related parts and services, from 2008 until 2012. During his tenure at
Gardner Denver, he created a high-performance culture that delivered
significant value for customers, employees, and shareholders.
Prior to joining Gardner Denver, Mr. Pennypacker served in positions of
increasing responsibility at Westinghouse Air Brake Technologies
Corporation, a worldwide provider of technology-based equipment and
services for the rail industry with his last position being Vice
President-Group Executive. He has also served in a number of senior
management positions and operational roles during his time at The
Stanley Works, a worldwide producer of tools and security products, and
Danaher Corporation, a manufacturer and marketer of professional,
medical, industrial, and commercial products and services.
Mr. Pennypacker earned a Bachelor of Science degree in operations
management from Pennsylvania State University and an M.B.A. in
operations research from St. Joseph’s University.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry,
capital goods manufacturer with 92 manufacturing, distribution, and
service facilities in 25 countries. The company is recognized globally
as one of the premier innovators and providers of crawler cranes, tower
cranes, and mobile cranes for the heavy construction industry. Manitowoc
is also one of the world’s leading innovators and manufacturers of
commercial foodservice equipment, which includes 24 market-leading
brands of hot- and cold-focused equipment. In addition, both segments
are complemented by a slate of industry-leading product support
services. In 2014, Manitowoc’s revenues totaled $3.9 billion, with
approximately half of these revenues generated outside of the United
States.
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:
-
possible negative effects on the Company’s business operations,
assets or financial results as a result of the planned separation of
the Company into two independent publicly-traded companies;
-
capitalization of the two independent companies;
-
unanticipated changes in revenues, margins, costs, and capital
expenditures;
-
the ability to significantly improve profitability;
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the ability to increase operational efficiencies across each of
Manitowoc’s business segments and to capitalize on those efficiencies;
-
realization of anticipated earnings enhancements, cost savings,
strategic options and other synergies, and the anticipated timing to
realize those savings, synergies, and options; and
-
risks and other factors cited in Manitowoc's 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, 2014.
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Source: The Manitowoc Company, Inc.