Carl J. Laurino
Senior Vice President & Chief Financial
Officer of The Manitowoc Company, Inc.
MANITOWOC, Wis., July 19 /PRNewswire-FirstCall/ — The Manitowoc Company, Inc. (NYSE:MTW) today announced that it has acquired Shirke Construction Equipments Pvt. Ltd. Headquartered in Pune, India, Shirke is a market leader in the Indian tower crane industry and has been Potain’s Indian manufacturing partner and distributor since 1982. Terms of the transaction were not disclosed.
“This transaction solidifies Manitowoc’s position in one of the world’s fastest-growing construction markets,” said Glen E. Tellock, president and chief executive officer of The Manitowoc Company. “By acquiring Shirke, Manitowoc furthers its mission of bringing manufacturing and service closer to the customer. With growing demand for infrastructure and industrial expansion projects, India is an excellent addition to our manufacturing base.”
Shirke Construction’s manufacturing center is almost 17,000 square meters and includes a workforce of approximately 350 that is highly experienced in the manufacture and assembly of Potain tower crane components. The Indian construction market is expected to grow at an annual nominal growth rate of 9.9% through 2015, according to Global Insights, with infrastructure segment spending expected to grow 40% this year.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. is one of the world’s largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.