Manitowoc Co. to separate crane and food service divisions

Special to The Freeman

Jan. 29, 2015

MANITOWOC — The Manitowoc Company, Inc. shared its plans Thursday to separate its cranes and food service divisions in order for each division to reach its full potential, according to a company announcement.
“This decision was reached as part of our regular evaluation and exploration of opportunities to optimize the company’s performance and create value for shareholders, and included a thorough review of the current and projected operating environments for the two segments,” said Glen E. Tellock, Manitowoc’s chairman and chief executive officer, in a statement.

On Thursday, the company also reported full-year sales of $3.9 billion, a 4 percent decrease from $4 billion in 2013. Adjusted earnings from continuing operations in 2014 were $159.2 million, or $1.16 per share, versus adjusted earnings from continuing operations of $195.9 million, or $1.45 per share in 2013.

Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with 92 manufacturing, distribution, and service facilities in 25 countries.

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