MILWAUKEE--(BUSINESS WIRE)--
The Manitowoc Company, Inc. (NYSE: MTW), a leading global manufacturer
of cranes and lifting solutions, and Kobelco Construction Machinery Co.,
Ltd. of Tokyo, Japan, one of Japan’s largest manufacturers of
construction equipment, will not renew their OEM supply agreement, under
which Kobelco supplies Manitowoc-branded lattice-boom crawler crane
models with lift capacities under 150 tons to the worldwide Manitowoc
distribution network, and Manitowoc supplies Kobelco-branded all-terrain
crane models for marketing in Japan. The global alliance began in
November 2003 and will end on November 9, 2018. Kobelco will continue to
support Manitowoc and its customers, and Manitowoc will continue to
support Kobelco and its customers, with service parts for a period of
ten (10) years.
Barry Pennypacker, President and CEO of The Manitowoc Company, said, “As
a world leader in lattice-boom crawler cranes, Manitowoc provided our
customers with a comprehensive line through our alliance with Kobelco.
The company has been an excellent partner, providing our customers with
a high standard of product quality and reliability. After nearly 15
years, we have agreed to pursue separate ways developing our own
products in the smaller capacity cranes to serve our respective
customers. With the implementation of The Manitowoc Way, we will
continue to deliver new and innovative quality products, on time,
ensuring that our customers continue to have the right product
offerings,” Pennypacker added.
Kazuhide Naraki, President and CEO of
Kobelco Construction Machinery, said, “Manitowoc has an outstanding
reputation around the world and offered a strong distribution network in
regions it serves globally. I can say our partnership was very
successful between two highly respected industry players joining forces.”
“I feel strongly that both companies share the same approach – focusing
on customers with care and bringing to market reliable products which
have a high standard of quality and safety. We look forward to a new
chapter in growing our businesses,” Naraki added.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global
manufacturer of cranes and lifting 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 2017, Manitowoc’s net sales
totaled $1.6 billion, with over half generated outside the United States.
About Kobelco Construction Machinery Co.
Kobelco Construction Machinery Co. is one of Japan’s largest
manufacturers of construction equipment. The company started in 1930 as
a division of Kobe Steel and produced the first ever piece of
construction machinery built in Japan, an electric mining shovel. Today
it manufactures a wide range of construction machinery, which is sold
worldwide, including a range of crawler cranes from 39 U.S. tons to
1,375 U.S. tons capacity and a line of rough-terrain mobile cranes. In
1999 the company was separated from the main Kobe Steel group and today
it operates as an independent subsidiary, although Kobe Steel remains
the majority shareholder.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180531006484/en/
Source: The Manitowoc Company, Inc.