| The Manitowoc Company, Inc. | |
| Type: | Public |
| Traded As: | Russell 2000 Component |
| Foundation: | 1902 |
| Location City: | 11270 W. Park Place Milwaukee, Wisconsin |
| Location Country: | United States |
| Industry: | Manufacturing |
| Products: | Cranes |
| Revenue: | US$ 1.85 Billion [1] |
| Revenue Year: | 2018 |
| Operating Income: | US$ (19.3 Million) |
| Income Year: | 2018 |
| Net Income: | US$ (67.1 Million) |
| Net Income Year: | 2018 |
| Assets: | US$ 1.54 Billion |
| Assets Year: | 2018 |
| Equity: | US$ 601 Million |
| Equity Year: | 2018 |
| Num Employees: | 5,000 [2] |
| Num Employees Year: | 2018 |
| Divisions: | Manitowoc Cranes |
The Manitowoc Company, Inc. is an American manufacturer which produces cranes and previously produced commercial refrigeration and marine equipment. It was founded in 1902 and, through its wholly owned subsidiaries, designs, manufactures, markets, and supports mobile telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names.
Manitowoc Company, Inc. was founded in 1902 by Charles West and Elias Gunnell in Manitowoc, Wisconsin. Through the purchase of the Burger & Burger Shipyard and Drydock, it was known as a shipbuilding and ship-repair company under the name Manitowoc Shipbuilding Company. The company grew 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).[3] 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. In March 2016, Manitowoc completed the tax-free spin-off of its food service equipment operations, placing itself as a standalone crane company.[4]
See main article: article and Manitowoc Cranes. Manitowoc produces several lines of cranes to serve the construction, energy, and numerous other industries. The company produces high-capacity lattice-boom crawler cranes, tower cranes, and mobile telescopic cranes for heavy construction, commercial construction, residential construction, energy-related uses, wind farm,[5] infrastructure, duty-cycle, crane-rental applications, among others. It is also a producer of boom trucks. The company has a thriving after-sales business as well, providing service, parts, renovation and training.
Main Brands:
Manitowoc Foodservice was a sub-division of the Manitowoc Company, producing ice machines and refrigeration equipment for businesses.
The company acquired SerVend International, a manufacturer of ice and beverage systems equipment for the foodservice industry, in October 1997.[6]
In 2008, the company acquired Enodis PLC, a UK-based supplier of restaurant equipment, including fryers, ovens, and ice machines. Manitowoc Foodservice was required to sell off the ice division of Enodis, including the Ice-O-Matic, Scotsman, Simag, and Barline brands, to address antitrust concerns.[7] The division was sold to American private equity firm Warburg Pincus in 2009.[8] Warburg Pincus later sold the ice division to the Italian Ali Group.[9]
On March 4, 2016, The Manitowoc Company completed a one for one common share split and created Manitowoc Foodservice. As of March 7, 2016 the newly created company began standard stock offerings on the NYSE under the symbol "MFS"[10] Manitowoc Foodservice rebranded itself as Welbilt, Inc. and traded under the symbol "WBT".[11]
The newly formed company was under the leadership of former Manitowoc Company executive Hubertus M. Muehlhaeuser, who had eight direct reports.[12] They were supported by a seven-member board of directors which included Mr. Muehlhaeuser.[13]
Manitowoc Foodservice consisted of 23 global brands that include 12 holding either #1 or #2 position in their respected global markets.[14]
In 2022 Welbilt was acquired by the Italian Ali Group.[15] As part of the acquisition, Manitowoc Ice was sold off to British-American firm Pentair to address antitrust concerns.[16]
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 Manitowoc Company announced in August 2008 a proposal to sell the marine division to Italian shipbuilder Fincantieri.[17] The sale closed on December 31, 2008.[18]