Manitowoc completes sale of its 50% stake in Chinese JV Manitowoc Dong Yue Heavy Machinery to Tai'an Taishan Heavy Industry Investment; sale expected to result in non-cash losses that will reduce Manitowoc's fiscal 2013 income by about US$36M
January 22, 2014
– The Manitowoc Company, Inc. (NYSE: MTW) today announced that it has completed the sale of its 50% interest in its Chinese joint venture Manitowoc Dong Yue Heavy Machinery Co., Ltd. (“Manitowoc Dong Yue”) to its current partner, Tai’an Taishan Heavy Industry Investment Co., Ltd. The joint venture was created in early 2008 for the production of mobile and truck-mounted hydraulic cranes. The sale is expected to result in non-cash losses which will reduce income attributable to Manitowoc shareholders by approximately $36.0 million in the year ended December 31, 2013.
“The sale of our joint venture interest is consistent with our strategy to better align resources across Manitowoc’s crane segment and to maximize financial performance,” commented Glen E. Tellock, Manitowoc’s chairman and chief executive officer. “Looking ahead, we remain committed to the Chinese construction equipment market, and will continue to develop our successful tower crane business as China remains a vital element of Manitowoc’s global footprint. Our plans for this key geographic market include an ongoing commitment to our wholly owned Potain tower crane operation at our state-of-the-art manufacturing facility in Zhangjiagang, which supplies best in class products to China, the Greater Asia/Pacific region, Latin American and the Middle East markets.”
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 115 manufacturing, distribution, and service facilities in 26 countries. The company is recognized globally 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 product support services. In addition, Manitowoc is one of the world's leading innovators and manufacturers of commercial foodservice equipment, which includes 24 market-leading brands of hot- and cold-focused equipment. In 2012, Manitowoc’s revenues totaled $3.9 billion, with more than half of these revenues generated outside of the United States.
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