MANITOWOC, Wis.--(BUSINESS WIRE)--
The Manitowoc Company, Inc. (NYSE: MTW) announced today that on December
11, 2017, the Honorable William Griesbach of the U.S. District Court for
the Eastern District of Wisconsin (“Judge Griesbach”) ruled in its favor
in its trade secrets misappropriation lawsuit against Sany Heavy
Industries and Sany America (collectively “Sany”) regarding Manitowoc’s
Variable Position Counterweight (VPC) technology.
Judge Griesbach ruled on Summary Judgment that Sany was liable for trade
secret misappropriation under Wisconsin Law. His ruling was based upon
previous findings by the International Trade Commission (“ITC”) and the
Court of Appeals for the Federal Circuit (“CAFC”).
“Manitowoc is very pleased with the U.S. District Court’s ruling that
reaffirms previous rulings in our favor. Innovation is one of
Manitowoc’s engines that drives growth and our competitive advantage in
the crane industry. We have and will continue to vigorously protect our
proprietary intellectual property to create value for our customers,
shareholders and employees,” commented Barry L Pennypacker, President
and Chief Executive Officer of The Manitowoc Company, Inc.
Previously, the ITC ruled in a Final Determination in April, 2015 that
Sany misappropriated multiple trade secrets of Manitowoc in connection
with its SCC8500 crane. The ITC issued an Exclusion Order as well as a
Cease and Desist Order that prevented Sany from importing the SCC8500
for ten years. These findings were affirmed by the CAFC in October, 2016
without opinion. After the conclusion of the ITC proceeding, Manitowoc
was permitted to pursue an action in United States District Court
seeking damages and injunctive relief for Sany’s misappropriation of
Manitowoc’s trade secrets.
As a result of this decision, Sany is both precluded from challenging
the protectability of Manitowoc’s trade secrets and is liable for trade
secret misappropriation under Wisconsin state law.
The case is scheduled for trial in 2019.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global
manufacturer of cranes and lift solutions with 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 2016, Manitowoc’s revenues
totaled $1.6 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 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:
• unanticipated changes in revenues, margins, costs, and capital
expenditures;
• the ability to significantly improve profitability;
• potential delays or failures to implement specific initiatives
within the restructuring program;
• issues relating to the ability to timely and effectively execute on
manufacturing strategies, including issues relating to plant closings,
new plant start-ups, and/or consolidations of existing facilities and
operations, and its ability to achieve the expected benefits from such
actions, as well as general efficiencies and capacity utilization of our
facilities;
• the ability to direct resources to those areas that will deliver
the highest returns;
• uncertainties associated with new product introductions, the
successful development and market acceptance of new and innovative
products that drive growth;
• the ability to focus on the customer, new technologies, and
innovation;
• the ability to focus and capitalize on product quality and
reliability;
• the ability to increase operational efficiencies across Manitowoc’s
business segment and to capitalize on those efficiencies;
• the ability to capitalize on key strategic opportunities and the
ability to implement Manitowoc’s long- term initiatives;
• the ability to generate cash and manage working capital consistent
with Manitowoc’s stated goals;
• the ability to convert order and order activity into sales and the
timing of those sales;
• pressure of financing leverage;
• foreign currency fluctuations and their impact on reported results
and hedges in place with Manitowoc;
• changes in raw material and commodity prices;
• unexpected issues associated with the quality and availability of
materials and components sourced from first parties and the resolution
of those issues;
• unexpected issues associated with the availability, operations and
viability of suppliers;
• the risks associated with growth and contraction;
• geographic factors and political and economic conditions and risks;
• actions of competitors;
• changes in economic or industry conditions generally or in the
markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in
global demand for high-capacity lifting equipment; changes in demand for
lifting equipment in emerging economies, and changes in demand for used
lifting equipment;
• global expansion of customers;
• the replacement cycle of technologically obsolete cranes;
• the ability of Manitowoc's customers to receive financing;
• issues related to workforce reductions and subsequent rehiring;
• work stoppages, labor negotiations, labor rates, and temporary
labor costs;
• government approval and funding of projects and the effect of
government-related issues or developments;
• the ability to complete and appropriately integrate restructurings,
consolidations, acquisitions, divestitures, strategic alliances, joint
ventures, and other strategic alternatives;
• realization of anticipated earnings enhancements, cost savings,
strategic options and other synergies, and the anticipated timing to
realize those savings, synergies, and options;
• impairment of goodwill and/or intangible assets;
• unanticipated issues affecting the effective tax rate for the year;
• unanticipated changes in the capital and financial markets;
• risks related to actions of activist shareholders;
• changes in laws throughout the world;
• natural disasters and other weather events disrupting commerce in
one or more regions of the world;
• risks associated with data security and technological systems and
protections;
• acts of terrorism; and
• risks and other factors cited in Manitowoc's 2016 Annual Report on
Form 10-K and its other 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, 2016.
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Source: The Manitowoc Company, Inc.