MANITOWOC, Wis.--(BUSINESS WIRE)--
The Manitowoc Company, Inc. (NYSE: MTW) (“Manitowoc”) announced today
that it will implement further actions during 2016 to right-size, the
now independent, Cranes business and increase operating efficiencies to
meet current demand levels. These activities will include headcount
reductions in the company’s Shady Grove, PA and Manitowoc, WI
facilities, plant rationalizations, and other cost optimization
initiatives, and are in addition to those activities announced in
late-2015.
“As we have communicated, this cycle has proven to be different from any
other in recent past. Since joining the company in late December, I have
continued to outline a strategy that centers on our key stakeholders –
customers, employees and shareholders. My goal is to create a culture
that is driven by innovation and velocity at the core of every aspect of
our business,” commented Barry L. Pennypacker, president and chief
executive officer of The Manitowoc Company.
“Our business has great potential for growth and improved profitability.
However, there are clear opportunities to improve near-term performance,
while at the same time positioning the company to extend its industry
leadership. The activities we are announcing today will further improve
our margin profile, while ensuring agility in our response to customers’
needs. We will provide greater clarity on expected costs and savings as
a result of these actions during our first quarter 2016 earnings call,”
concluded Pennypacker.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global
manufacturer of cranes and lift solutions with 49 manufacturing,
distribution, and service facilities in 20 countries. Manitowoc is
recognized as one of the premier innovators and providers of crawler
cranes, tower cranes, and mobile cranes for the heavy construction
industry, which are complemented by a slate of industry-leading
aftermarket product support services. In 2015, Manitowoc’s revenues
totaled $1.9 billion, with over half of these revenues generated outside
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 Manitowoc 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 uncertainty 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:
-
unanticipated changes in revenues, margins, costs and capital
expenditures;
-
the ability to significantly improve profitability;
-
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 (the “SEC”).
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 Manitowoc’s actual results of operations is included
in its filings with the SEC, including but not limited to its Annual
Report on Form 10-K for the fiscal year ended December 31, 2015.
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Source: The Manitowoc Company, Inc.