The Manitowoc Company

The Manitowoc Company, Inc.
Public
Traded as NYSE: MTW
Industry Manufacturing
Founded 1902
Headquarters 2400 South 44th Street
Manitowoc, Wisconsin, United States
Key people
 Barry L. Pennypacker (CEO)
Products Cranes
Revenue Decrease US$ 3.4 Billion (2016) [1]
Decrease US$0.1 Billion (2016) [1]
Decrease US$0.1 Billion (2016) [1]
Total assets Decrease US$3.5 Billion (2016) [1]
Total equity Decrease US$0.8 Billion (2016) [1]
Number of employees
 11,000 (2016) [2]
Divisions Manitowoc Cranes, Manitowoc Foodservice
Website www.manitowoc.com

The Manitowoc Company, Inc. is a Fortune 1000 manufacturer of cranes and, until 2016, food service equipment. The company was founded in 1902, and is headquartered in Manitowoc, Wisconsin. On March 4, 2016, the company announced that it had completed the spin-off of its food service equipment operations into a new publicly traded company, Manitowoc Foodservices.[3]

History

Launch of the USS Robalo (SS-273) at Manitowoc

Manitowoc Company, Inc. was founded by Charles West and Elias Gunnell in the lakeshore community of Manitowoc, Wisconsin, in 1902. It was known as a shipbuilding and ship-repair company under the name Manitowoc Shipbuilding Company. Since that time, the company has grown and diversified, entering the lattice-boom crane business in the mid-1920s and branching into commercial refrigeration equipment shortly after World War II. During World War II, the Department of the Navy contracted Manitowoc to build a total of 28 submarines, plus the canceled USS Chicolar (SS-464).[4] Before they built the submarines for the Department of the Navy, the company built car ferries. In November 2002, the company acquired the Grove Crane company for approximately $271 million.

Construction

Manitowoc produces several lines of cranes to serve the construction industries. The company produces high-capacity lattice-boom crawler cranes, tower cranes, and mobile telescopic cranes for heavy construction, commercial construction, energy-related, wind farm,[5] infrastructure, duty-cycle and crane-rental applications. It is also a producer of boom trucks.

Main Brands:

Potain at Reed Exhibitions event Batimat

Foodservice division

Manitowoc Foodservice is a sub-division of the Manitowoc Company that produces ice machines and refrigeration equipment for businesses.

In 2008, the company acquired Enodis PLC, a UK-based supplier of restaurant equipment, including fryers, ovens, and ice machines. Manitowoc Foodservice announced that they would be selling off the ice division of Enodis, and the sale of that division has been completed.[6]

On March 4, 2016 The Manitowoc Company completed a one for one common share split and created Manitowoc Foodservices. As of March 7, 2016 the newly created company began standard stock offerings on the NYSE under the symbol "MFS"[7]

The newly formed company is under the leadership of former Manitowoc Company executive Hubertus M. Muehlhaeuser, who currently has eight direct reports are the current executives.[8] They are supported by a seven-member board of directors which includes Mr. Muehlhaeuser.[9]

Manitowoc Foodservices consists of 23 global brands that include 12 holding either #1 or #2 position in their respected global markets.[10]

Marine division

Manitowoc Marine was a subdivision of the Manitowoc Company, which builds and repairs commercial and military ships at yards in Marinette, Wisconsin; Sturgeon Bay, Wisconsin; and Cleveland, Ohio. The Marinette shipyard, Marinette Marine, built the first Freedom class littoral combat ship for the United States Navy, and the United States Coast Guard Cutter Mackinaw. In August 2008, Manitowoc Marine Division repaired the SS Badger. The SS Badger is like the car ferries that were built by Manitowoc Company before they built 28 submarines for the defense department during World War II. The Manitowoc Company announced in August 2008 a proposal to sell the marine division to Italian shipbuilder Fincantieri.[11] The sale closed on December 31, 2008.[12]

Corporate governance

Financial information

Year Net sales (in millions) Operating earnings (in millions) Number of shareholders Number of employees
1999[14] 680.0 59.5 2,746 3,202
2000[15] 737.0 55.8 2,787 4,405
2001[16] 984.0 44.4 2,719 6,124
2002[17] 1,253.0 39.0 2,746 7,766
2003[18] 1,468.0 8.6 2,804 7,700
2004[19] 1,845.0 38.1 2,726 7,600
2005[20] 2,254.0 59.1 - 8,000
2006[21] 2,933.0 166.5 - 9,500
2007[22] 4,005.0 333.6 2,520 10,500
2008[23] 4,503 519.8 639.8 10,500
2009[22] 4,005.0 333.6 2,520 10,500
2010[22] 4,005.0 333.6 2,520 10,500
2011[22] 4,005.0 333.6 2,520 10,500
2012[22] 4,005.0 333.6 2,520 10,500
2013[22] 4,005.0 333.6 2,520 10,500
2014[22] 4,005.0 333.6 2,520 10,500
2015[22] TBD TBD TBD TBD

See also

References

  1. 1 2 3 4 5 "Financial Statements for Manitowoc Company Inc - Google Finance". Google.com. Retrieved October 27, 2016.
  2. ↑ "2015AnnualReport" (PDF). December 31, 2015. Retrieved October 27, 2016.
  3. ↑ "The Manitowoc Company, Inc. Announces Completion of Manitowoc Foodservice Spin-off". March 4, 2016. Retrieved October 27, 2016.
  4. ↑ Lenton, H. T. American Submarines (Doubleday, 1973), pp.72, 74, 76, & 94.
  5. ↑ "Manitowoc Wind Power Crane". Alternative Energy. 2007-05-15. Retrieved 2008-09-07.
  6. ↑ Barrett, Rick (July 1, 2008). "Manitowoc Co. wins Enodis". Journal Sentinel. Retrieved 22 May 2014.
  7. ↑ http://www.forbes.com/sites/joecornell/2016/03/08/manitowoc-mtw-spins-manitowoc-foodservice-mfs/#20b36d48644b
  8. ↑ http://ir.manitowocfoodservice.com/investor-relations/corporate-governance/executive-leadership-team/default.aspx
  9. ↑ http://ir.manitowocfoodservice.com/investor-relations/corporate-governance/board-of-directors/default.aspx
  10. ↑ http://www.manitowocfoodservice.com/Our-Brands#Our-Brands
  11. ↑ "Fincantieri Acquires Manitowoc Marine". Defense Industry Daily. 2008-08-11. Retrieved 2008-10-26.
  12. ↑ "Manitowoc Completes Sale of Its Marine Business". The Manitowoc Company. 2009-01-02.
  13. 1 2 http://ir.manitowoc.com/investor-relations/corporate-governance/senior-management/default.aspx
  14. ↑ The Manitowoc Company. 1999 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  15. ↑ The Manitowoc Company. 2000 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  16. ↑ The Manitowoc Company. 2001 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  17. ↑ The Manitowoc Company. 2002 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  18. ↑ The Manitowoc Company. 2003 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  19. ↑ The Manitowoc Company. 2004 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  20. ↑ The Manitowoc Company. 2005 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  21. ↑ The Manitowoc Company. 2006 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  22. 1 2 3 4 5 6 7 8 The Manitowoc Company. 2007 Annual Report (PDF) The Manitowoc Company. Retrieved 08 Jan. 2009
  23. ↑ http://s21.q4cdn.com/317190449/files/doc_financials/annual/93F4B15B-5575-4AE9-BCFE-688233EAA371_2009ManitowocAR.pdf
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