Type Public Industry Manufacturing Products Cranes Revenue 3.4 billion USD | Traded as NYSE: MTW Founded 1902 Headquarters Manitowoc | |
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Key people Barry L. Pennypacker (CEO) Stock price MTW (NYSE) US$ 5.59 +0.01 (+0.18%)4 Apr, 4:01 PM GMT-4 - Disclaimer CEO Barry L. Pennypacker (2015–) Subsidiaries Manitowoc Cranes, The Delfield Company | ||
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.
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History
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). 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, infrastructure, duty-cycle and crane-rental applications. It is also a producer of boom trucks.
Main Brands:
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.
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"
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. They are supported by a seven-member board of directors which includes Mr. Muehlhaeuser.
Manitowoc Foodservices consists of 23 global brands that include 12 holding either #1 or #2 position in their respected global markets.
Marine division
Manitowoc Marine is 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. The sale closed on December 31, 2008.