Last $31.28 USD
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manitowoc company inc (MTW) Details

The Manitowoc Company, Inc. designs, manufactures, and sells cranes and related products, and foodservice equipment worldwide. It operates in two segments, Cranes and Related Products, and Foodservice Equipment. The Cranes and Related Products segment offers lattice-boom cranes, including crawler and truck mounted lattice-boom cranes, and crawler crane attachments; tower cranes comprising top slewing, luffing jib, topless, and self-erecting tower cranes; mobile telescopic cranes, including rough terrain, all-terrain, truck mounted, and industrial cranes; and boom trucks, such as telescopic boom trucks under Manitowoc, Grove, Potain, National Crane, Shuttlelift, and Crane Care brands. Its products are used for various applications, including energy and utilities; petrochemical and industrial projects; infrastructure development, such as road, bridge, and airport construction; and commercial and high-rise residential construction industries. This segment also provides crane product parts and services; and crane rebuilding, remanufacturing, and training services under the Manitowoc Crane Care brand name. The Foodservice Equipment segment provides cooking and warming equipment; ice machines and storage bins; refrigerator and freezer equipment; beverage dispensers and related products; serving and storage equipment; and food preparation equipment. This segment offers its products under Cleveland, Convotherm, Delfield, Frymaster, Garland, Inducs, KitchenCare, Koolaire, Kolpak, Kysor Panel Systems, Lincoln, Manitowoc, Merrychef, Multiplex, and Servend brands. Its products are used by commercial and institutional foodservice operators, such as full service restaurants, quick-service restaurant chains, hotels, caterers, supermarkets, convenience stores, business and industry, hospitals, schools, and other institutions. This segment also provides parts and aftermarket services under the KitchenCare brand. The company was founded in 1853 and is based in Manitowoc, Wisconsin.

13,400 Employees
Last Reported Date: 02/21/14
Founded in 1853

manitowoc company inc (MTW) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $985.0K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $457.0K
Senior Vice President and President of Crane ...
Total Annual Compensation: $460.0K
Senior Vice President, General Counsel and Se...
Total Annual Compensation: $412.0K
Senior Vice President of Human Resources & Ad...
Total Annual Compensation: $420.0K
Compensation as of Fiscal Year 2013.

manitowoc company inc (MTW) Key Developments

The Manitowoc Company, Inc. Appoints Ion Warner as Vice President, Global Marketing

The Manitowoc Company, Inc. has appointed Ion Warner as vice president, global marketing. Warner brings 28 years of automotive and industrial manufacturing experience to Manitowoc. He will help Manitowoc enhance its global reputation and better develop its marketing activities. Prior to joining Manitowoc, Warner built a successful career at Ford Motor Company before moving to Case New Holland Industrial, where he held the role of senior director, marketing. His most recent position was with global industrial equipment manufacturer Pentair, where he held the position of vice president, global infrastructure/building services. Warner’s responsibilities cover a broad spectrum of marketing across Manitowoc’s global markets and brands, including marketing strategy, sales training, trade show participation, advertising, brand management, public relations, digital marketing and market research.

The Manitowoc Co. Inc. to Layoff 50 Employees in Food Service Division in Manitowoc Beginning from August 1, 2014

The Manitowoc Co. Inc. informed state of Wisconsin officials that 50 employees in its food service division in Manitowoc will be laid off beginning August 1, 2014. The company filed a mass layoff notice related to its March announcement that it is cutting 150 jobs in Manitowoc by the end of 2015 because it is relocating production of its Indigo line of ice machines to a plant in Monterrey, Mexico. Employees are represented by the International Association of Machinists and Aerospace Workers Local No. 516.

The Manitowoc Company, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Reaffirms Earnings Guidance for 2014

The Manitowoc Company, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. The company reported sales of $850.0 million for the first quarter of 2014, a decrease of 5.0% compared to sales of $894.6 million in the first quarter of 2013. The Foodservice segment had a strong quarter with sales increasing by 9.3%, which was offset by the 14.2% decrease in Crane segment sales. On a GAAP basis, the company reported a loss of $8.8 million, or $0.06 per diluted share, in the first quarter versus earnings of $10.4 million, or $0.08 per diluted share, in the first quarter of 2013. Excluding special items the adjusted earnings from continuing operations was $23.7 million, or $0.17 per diluted share, in the first quarter of 2014, versus adjusted earnings of $14.6 million, or $0.11 per diluted share, in the first quarter of 2013. Cash flow used for operating activities of continuing operations in the first quarter of 2014 was $264.6 million, driven by working capital requirements in both segments. Use of cash in the first half of the year is consistent with the normal seasonal pattern for the company. Cash used for capital expenditures during the quarter was $16.7 million. Operating earnings were $53.6 million, earnings before taxes on income were $8.6 million against $55.9 million and $22.3 million respectively a year ago. Adjusted EBITDA for covenant compliance purposes as of March 31, 2014 was $461.5 million. The company is reaffirming its full-year guidance for 2014. For the full-year 2014, Manitowoc expects capital expenditures approximately $90 million, depreciation & amortization -- approximately $120 million, Interest expense approximately $100 million and effective tax rate in the mid-to-high 20% range.


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