Company type | Public |
---|---|
NYSE: MTW Russell 2000 Component | |
Industry | Manufacturing |
Founded | 1902 |
Headquarters | , |
Key people | Aaron Ravenscroft (CEO) |
Products | Cranes |
Revenue | US$ 1.85 Billion [1] (2018) |
US$ (19.3 Million) [1] (2018) | |
US$ (67.1 Million) [1] (2018) | |
Total assets | US$ 1.54 Billion [1] (2018) |
Total equity | US$ 601 Million [1] (2018) |
Number of employees | 5,000 [2] (2018) |
Divisions | Manitowoc Cranes |
Website | www |
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.[ citation needed ]
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.[ citation needed ]
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]
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. [7]
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. [8] The division was sold to American private equity firm Warburg Pincus in 2009. [9] Warburg Pincus later sold the ice division to the Italian Ali Group. [10]
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" [11] Manitowoc Foodservice rebranded itself as Welbilt, Inc. and traded under the symbol "WBT". [12]
The newly formed company was under the leadership of former Manitowoc Company executive Hubertus M. Muehlhaeuser, who had eight direct reports. [13] They were supported by a seven-member board of directors which included Mr. Muehlhaeuser. [14]
Manitowoc Foodservice consisted of 23 global brands that include 12 holding either #1 or #2 position in their respected global markets. [15]
In 2022 Welbilt was acquired by the Italian Ali Group. [16] As part of the acquisition, Manitowoc Ice was sold off to British-American firm Pentair to address antitrust concerns. [17]
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. [18] The sale closed on December 31, 2008. [19]
A crane is a machine used to move materials both vertically and horizontally, utilizing a system of a boom, hoist, wire ropes or chains, and sheaves for lifting and relocating heavy objects within the swing of its boom. The device uses one or more simple machines, such as the lever and pulley, to create mechanical advantage to do its work. Cranes are commonly employed in transportation for the loading and unloading of freight, in construction for the movement of materials, and in manufacturing for the assembling of heavy equipment.
Pentair plc (PNR) is an American water treatment company incorporated in Ireland with tax residency in UK, with its main U.S. office in Golden Valley, Minnesota. Pentair was founded in the US, with 65% of company's revenue coming from the US and Canada as of 2017. PNR was reorganized in 2014, shifting the corporate domicile from Switzerland to Ireland.
Enodis plc was a British multinational foodmaking equipment manufacturing company headquartered in London. A former FTSE 250 Index constituent, it was acquired by the American machinery manufacturer The Manitowoc Company in October 2008, with its activities subsequently being fully integrated into those of Manitowoc.
AGA Rangemaster is a British manufacturer of range cookers, kitchen appliances, and interior furnishings owned by Middleby Corporation in September 2015 after it received a takeover approach from Whirlpool. It employs just over 2,500 people worldwide. AGA stands for Aktiebolaget Gas Accumulator.
Fincantieri Marinette Marine (FMM) is an American shipbuilding firm in Marinette, Wisconsin. Marinette Marine was a subsidiary of Manitowoc Marine Group of Wisconsin from 2000 to 2009, when it was sold to Fincantieri Marine Group.
The Euclid Company of Ohio was a manufacturer which specialized in heavy equipment for earthmoving, particularly dump trucks, loaders and wheel tractor-scrapers. It operated in the US from the 1920s to the 1950s, when it was purchased by General Motors. The firm was later bought by Hitachi Construction Machinery.
M. D. Moody & Sons, Inc. was an American privately owned construction equipment distributor and heavy machinery service company headquartered in Jacksonville, Florida. The firm was established in 1913 by Maxey Dell Moody who wanted to serve the needs of road construction businesses by distributing construction equipment. In 1946 the firm was incorporated to M. D. Moody & Sons, Inc. and by 1980 under Maxey Dell Moody, Jr. diversified into the Moody companies Moody Truck Center, Moody Light Equipment Rental, Moody Machinery Corporation, Moody Fabrication & Machine, Dell Marine, and MOBRO Marine, Inc. In 2009 M. D. Moody was forced to file for Chapter 11, Title 11, United States Code bankruptcy and became defunct in 2013. As of 2020 the three Moody companies still in operation are MOBRO Marine, Inc., Dell Marine and Dell Marine Tug and Barge.
Manitowoc Cranes is a division of The Manitowoc Company, Inc. Manitowoc Cranes produces five brands of cranes: Grove, National Crane, Shuttlelift, Manitowoc, and Potain. In addition, Manitowoc has two distribution businesses based in the U.S.: Aspen Equipment and MGX Equipment Services.
Tadano Ltd. is the main and largest Japan-based manufacturer of cranes and aerial work platforms, considered one of largest crane manufacturers in the world.
LiuGong, officially Guangxi LiuGong Machinery Co., Ltd., is a Chinese multinational construction machinery manufacturing company headquartered in Liuzhou, China. It is the world's 10th-largest construction equipment manufacturer by market share and the world's largest manufacturer of wheel loaders.
Link-Belt Cranes is an American industrial company that develops and manufactures heavy construction equipment, specializing in telescopic and lattice boom cranes. Link-Belt is headquartered in Lexington, Kentucky, and is a subsidiary of the Japanese conglomerate, Sumitomo Heavy Industries.
Liebherr is a German-Swiss multinational equipment manufacturer based in Bulle, Switzerland, with its main production facilities and origins in Germany.
US Foods Holding Corp. is an American food service distributor founded in 1989. With approximately $24 billion in annual revenue, US Foods was the 10th largest private company in the US up until its IPO. Many of the entities that make up US Foods were founded in the 19th century, including one that sold provisions to travelers heading west during the 1850s gold rush. US Foods offers more than 350,000 national brand products and its own "exclusive brand" items, ranging from fresh meats and produce to prepackaged and frozen foods. The company employs approximately 25,200 people in more than 60 locations nationwide and provides food and related products to more than 250,000 customers, including independent and multi-unit restaurants, healthcare and hospitality entities, government and educational institutions. The company is headquartered in Rosemont, Illinois, and is a publicly traded company trading under the ticker symbol USFD on the New York Stock Exchange.
Xuzhou Construction Machinery Group Co., Ltd. is a Chinese multinational heavy machinery manufacturing company with headquarters in Xuzhou, China. XCMG currently ranks first in the Chinese construction machinery industry, 3rd in the world, 4th in China's top 100 machinery enterprises, and 409th in the world's top 500 brands.
Bin Quraya Group is the leading Mobile Cranes and Heavy Equipment rental firm in Saudi Arabia, with one of the Middle East's largest heavy equipment fleets. The company is based in Dhahran, Saudi Arabia, with clients and projects across the country.
American Crane Corporation is an American manufacturer of construction cranes based in Wilmington, North Carolina. It manufacturers lattice boom crawler cranes with capacities ranging from 50 to 275 tons. The American Crane Corporation was founded in 1882 as the Franklin Manufacturing Company, and in 1892 the name changed to American Hoist & Derrick. The company manufacturers terrain cranes, crawler cranes and tower cranes. In 1998 American Crane Corporation was acquired by Terex for $27 million. The purchase of American Crane Corporation brought Terex a manufacturer of lattice boom cranes.
Williams Shipping is a marine services & logistics company based in Southampton, England. Its services include vessel chartering, marine operation services, oil spill response, road transport, marine lubricants and container hire.
Hubertus Michael Mühlhäuser is a business executive. He is a former CEO of CNH Industrial and Welbilt. Previously, he held senior positions at Karl-H. Mühlhäuser GmbH, AGCO Corporation, and Arthur D. Little.
A lattice boom crawler crane is a crane that gets its name from the W or V shaped lattice design of the boom. The benefit of this design is that it decreases the total weight while still providing maximum support for heavy loads. Other lattice boom crane parts include the crawlers, hoist, cab, sheaves, and wire ropes. Crawlers are the equivalent of wheels on a car—they move the crane along the ground. The hoist is what moves loads up and down. The sheaves make up the pulley system that holds the wire ropes, and the wire ropes extend to latch onto objects.