Key Developments: Manitowoc Company Inc (MTW.N)
17 Oct 2014
Latest Key Developments (Source: Significant Developments)
Manitowoc Company Inc:Expects Q3 2014 net sales to be just under $1 billion.Expects Q3 2014 earnings before interest, amortization, restructuring, and tax to be about $90 million. Full Article
Manitowoc Co Inc:Says United States International Trade Commission (ITC) issues initial determination in patent infringement and trade secrets case filed by Manitowoc against Sany Heavy Industries and Sany America.On July 14, 2014, ITC Administrative Law Judge David P. Shaw issued notice of Initial Determination (ID) (dated July 11, 2014) in Certain Crawler Cranes and Components Thereof. Full Article
Manitowoc Co Inc sells interest in Chinese joint venture Manitowoc Dong Yue Heavy Machinery Co., Ltd.
Manitowoc Co Inc:Says that it has completed the sale of its 50 pct. 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.Says the joint venture was created in early 2008 for the production of mobile and truck-mounted hydraulic cranes.Says 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 Dec. 31, 2013. Full Article
Manitowoc Company, Inc announced that it has declared a cash dividend of USD0.08 per share of common stock, payable on December 10, 2013, to shareholders of record on November 29, 2013. Full Article
Manitowoc Co Inc's Manitowoc Crane Group Asia Pte Ltd Announces Termination Of Potential Joint Venture With Shantui Investment Co., Ltd
Manitowoc Co Inc announced that Shantui Investment Co., Ltd. (Shantui) has terminated its agreement with Manitowoc`s subsidiary, Manitowoc Crane Group Asia Pte Ltd. to enter into a joint venture contract with respect to the truck crane business currently operated as Manitowoc Dong Yue Heavy Machinery Co., Ltd. (Manitowoc Dong Yue). In terminating the agreement to pursue the joint venture relationship, Shantui cited China`s economic restructuring and the sharp decline in the construction machinery market in China, which have adversely impacted Shantui, have affected governmental investment policies and investment ideas in the construction industry, and which in turn have led to delays in obtaining the necessary governmental approvals for the joint venture. Full Article
Manitowoc Co Inc announced that it is reaffirming its guidance for fiscal 2013. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $4.185 billion and EPS of $1.17 for fiscal 2013. Full Article
Manitowoc Co. reaffirmed its fiscal 2013 guidance. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $1.26 on revenues of $4.235 billion for fiscal 2013. Full Article
HCL Technologies Ltd Signs Five Year Transformational Engineering Services Agreement With Manitowoc Co Inc
HCL Technologies Ltd announced that it has been selected by The Manitowoc Co Inc., a multi-industry, capital goods manufacturer, as its global engineering partner for the crane operations spanning the Americas, EMEA, and Asia/Pacific regions. Manitowoc and HCL have also set up a global engineering center in Pune, India to support Manitowoc's design centers and accelerate its new product development initiatives in emerging regions such as India, China, and Brazil. Through this design center, HCL offers a complete spectrum of engineering services to Manitowoc Cranes to produce blueprints for new and crane models. HCL also anticipates, simulates, and provides novel solutions in design implementation in a cost effective and timely manner. The design center also extends engineering design services support to Manitowoc's key engineering hubs and innovation centers in Pennsylvania, Wisconsin, Germany, France, and Italy. The service offerings are primarily focused around product design, value engineering, structural engineering, embedded software development, and hardware engineering. Full Article
Manitowoc Co Inc announced that it has declared a cash dividend of 8 cents per share of common stock, payable on December 10, 2012, to shareholders of record on November 30, 2012. Full Article
NEW YORK - Activist investment firm Relational Investors LLC has amassed a roughly 8.5 percent stake in Manitowoc Co Inc and is urging the crane and food equipment company to break itself up, according to people familiar with the matter.