Profile: Manitowoc Company Inc (MTW.N)

MTW.N on New York Stock Exchange

17 Apr 2015
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The Manitowoc Company, Inc. (MTW) is a multi-industry, capital goods manufacturer. MTW operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications. Its Crane products are marketed under the Manitowoc, Grove, Potain, National, Shuttlelift, Dongyue, and Crane Care brand names. Its Foodservice products are marketed under the Manitowoc, Garland, U.S. Range, Convotherm, Cleveland, Lincoln, Merrychef, Frymaster, Delfield, Kolpak, Kysor Panel, Jackson, Servend, Multiplex, and Manitowoc Beverage System brand names. In January 2014, Manitowoc Co Inc completed the sale of its 50% interest in its Chinese joint venture Manitowoc Dong Yue Heavy Machinery Co., Ltd. Effective June 26, 2014, Relational Investors LLC acquired an 8.517% interest in the MTW.

Cranes and Related Products

The Company’s Crane segment also designs and manufactures a diversified line of slewing and self erecting tower cranes, which it sells under the Potain brand name. It designs and manufactures mobile telescopic cranes, which it sell under the Grove, Shuttlelift, and Dongyue brand names, and a line of hydraulically powered telescopic boom trucks, which it sells under the National Crane brand name. It also provides crane product parts and services, and crane rebuilding, remanufacturing, and training services, which are delivered under the Manitowoc Crane Care brand name. Its crane products are used in a variety of applications throughout the world, including energy and utilities, petrochemical and industrial projects, infrastructure development, such as road, bridge and airport construction, and commercial and high-rise residential construction Under the Manitowoc brand name it designs, manufactures and distributes lattice-boom crawler cranes. Lattice-boom cranes consist of a lattice-boom, which is a fabricated, steel structure that has four chords and tubular lacings, mounted on a base which is either crawler or truck mounted. The lattice-boom cranes pick and move simultaneously with a full rated load. The lattice-boom sections, together with the crane base, are transported to and erected at a project site.

The Company offers models of lattice-boom cranes with lifting capacities up to 2,500 United States tons, which are used to lift material and equipment in a variety of applications and end markets, including heavy construction, bridge and highway, duty cycle and infrastructure and energy related projects. These cranes are also used by the value-added crane rental industry, which serves all of the above end markets. It also offers its lattice-boom crawler crane customers various attachments that provide its cranes with capacity in terms of height, movement and lifting. Its principal attachments are: MAX-ER attachments, luffing jibs, and RINGER attachments. The MAX-ER is a trailing, counterweight, heavy-lift attachment. A luffing jib is a fabricated structure similar to, but smaller than, a lattice-boom. Mounted at the tip of a lattice-boom, a luffing jib easily adjusts its angle of operation permitting one crane with a luffing jib to make lifts at additional locations on the project site. A RINGER attachment is a high-capacity lift attachment that distributes load reactions over a large area to minimize ground-bearing pressure.

The Company under the Potain brand name designs and manufactures tower cranes utilized primarily in the energy, building and construction industries. Tower cranes offer the ability to lift and distribute material at the point of use. Tower cranes include a stationary vertical tower and a horizontal jib with a counterweight, which is placed near the vertical tower. A cable runs through a trolley which is on the jib, enabling the load to move along the jib. The Company offers a line of tower crane products, including top slewing, luffing jib, topless, self-erecting, and special cranes for dams, harbors and other building projects. Top slewing tower cranes have a tower and multi-sectioned horizontal jib. These cranes rotate from the top of their mast and can increase in height with the project. It offers 22 models of top slewing tower cranes with maximum jib lengths of 85 meters and lifting capabilities ranging between 40 and 3,600 meter-tons. These cranes are generally sold to medium to large energy, building and construction groups, as well as rental companies.

Topless tower cranes are a type of top slewing crane and, unlike all others, have no cathead or jib tie-bars on the top of the mast. The cranes are utilized primarily when overhead height is constrained or in situations where several cranes are installed close together. It offers 20 models of topless tower cranes with maximum jib lengths of 75 meters and lifting capabilities ranging between 90 and 300 meter-tons. Luffing jib tower cranes, which are a type of top slewing crane, have an angled rather than horizontal jib. Unlike other tower cranes which have a trolley that controls the lateral movement of the load, luffing jib cranes move their load by changing the angle of the jib. It offers 10 models of luffing jib tower cranes with maximum jib lengths of 60 meters and lifting capabilities ranging between 90 and 600 meter-tons. Self-erecting tower cranes are mounted on axles or transported on a trailer. It offers 24 models of self erecting cranes with maximum jib lengths of 50 meters and lifting capacities ranging between 10 and 120 meter-tons which are utilized primarily in low to medium rise construction and residential applications.

The Company under the Grove brand name designs and manufactures 37 models of mobile telescopic cranes utilized primarily in industrial, commercial and construction applications, as well as in maintenance applications to lift and move material at job sites. Mobile telescopic cranes consist of a telescopic boom mounted on a wheeled carrier. Mobile telescopic cranes are similar to lattice-boom cranes in that they are designed to lift heavy loads using a mobile carrier as a platform, enabling the crane to move on and around a job site without typically having to re-erect the crane for each particular job. Additionally, many mobile telescopic cranes have the ability to drive between sites, and some are permitted on public roadways. It offers four types of mobile telescopic cranes capable of reaching tip heights of up to 427 feet with lifting capacities up to 550 United States tons: rough terrain, all-terrain, truck mounted, and industrial.

Rough terrain cranes are designed to lift materials and equipment on rough or uneven terrain. It produces, under the Grove brand name, eight models of rough terrain cranes capable of tip heights of up to 279 feet and maximum load capacities of up to 150 United States tons. All-terrain cranes are cranes designed to lift materials and equipment on rough or uneven terrain. It produces, under the Grove brand name, sixteen models of all-terrain cranes capable of tip heights of up to 427 feet and maximum load capacities of up to 550 United States tons. Truck mounted cranes are designed to provide simple set-up and long reach high capacity booms and are capable of traveling from site to site at highway speeds. These cranes are suitable for urban and suburban uses. It produces, under the Grove brand name, five models of truck mounted cranes capable of tip heights of up to 237 feet and maximum load capacities of up to 90 United States tons. Industrial cranes are designed primarily for plant maintenance, storage yard and material handling jobs. It manufactures, under the Grove and Shuttlelift brand names, seven models of industrial cranes. It produces industrial cranes with up to 25 United States ton capacity and tip heights of up to 94 feet.

The GTK 1100 is a high reach telescopic hydraulic crane that can lift a 77 United States ton load up to 394 feet, only requires about six hours to erect and is based on a combination of mobile crane and tower crane technology. It offers its hydraulic boom truck products under the National Crane product line. A boom truck is a hydraulically powered telescopic crane mounted on a conventional truck chassis. Telescopic boom trucks are used primarily for lifting material on a job site. It offers, under the National Crane brand name, 19 models of telescoping boom trucks. The capacity cranes of this type are capable of reaching maximum heights of 179 feet and have lifting capacity up to 50 United States tons.

The Company competes with Hitachi Sumitomo, Kobelco, Liebherr, Sumitomo/Link-Belt, Terex, XCMG, Fushun, Zoomlion, Sany, Comansa, Terex Comedil/Peiner, FM Gru, Jaso, Raimondi, Viccario, Saez, Benezzato, Cattaneo, Sichuan Construction Machinery, Shenyang, Jianglu, Yongmao, Tadano, Kato, Locatelli, Marchetti, Luna, Broderson, Valla, Ormig, Bencini, Manitex, Altec, Elliott, Fassi, Palfinger, Furukawa and Hiab.

Foodservice Equipment

The Company’s Foodservice Equipment business designs, manufactures and sells primary cooking and warming equipment; ice-cube machines, ice flaker machines and storage bins; refrigerator and freezer equipment; warewashing equipment; beverage dispensers and related products; serving and storage equipment, and food preparation equipment; it also offer foodservice equipment parts and services under the STAR network brand name. Its suite of products is used by commercial and institutional foodservice operators, such as full service restaurants, quick-service restaurant (QSR) chains, hotels, caterers, supermarkets, convenience stores, business and industry, hospitals, schools and other institutions.

The Company designs, manufactures and sells an array of ranges, griddles, grills, combination ovens, convection ovens, conveyor ovens, rotisseries, induction cookers, broilers, tilt fry pans/kettles/skillets, braising pans, cheese melters/salamanders, cook stations, table top and counter top cooking/frying systems, filtering systems, fryers, hotdog grills and steamers, steam jacketed kettles, steamers and toasters. It sells traditional oven, combi oven, convection oven, conveyor oven, accelerated cooking oven, range and grill products under the Garland, Lincoln, Merrychef, U.S. Range, and other brand names. Fryers and frying systems are marketed under the Frymaster and other brand names while steam equipment is manufactured and sold under the Cleveland and Convotherm brands. In addition to cooking, it provides a range of warming, holding, merchandising and serving equipment under the Delfield, Fabristeel, Frymaster, Savory, and other brand names.

The Company designs, manufactures and sells ice machines under the Manitowoc brand name, serving the foodservice, convenience store, healthcare, restaurant, lodging and other markets. Its ice machines make ice in cube, nugget and flake form, and range in daily production capacities. The ice-cube machines are either self-contained units, which make and store ice, or modular units, which make, but do not store ice. Its ice dispensers generally are paired with its ice making equipment, and dispense ice or ice and water. It designs, manufactures and sells commercial upright and undercounter refrigerators and freezers, blast freezers, blast chillers and cook-chill systems under the Delfield, McCall, Koolaire and Sadia Refrigeration brand names. It manufactures under the brand names Kolpak, Kysor Panel Systems and Harford-Duracool modular and fully assembled walk-in refrigerators, coolers and freezers and prefabricated cooler and freezer panels for use in the construction of refrigerated storage rooms and environmental systems. It also designs and manufactures customized refrigeration systems under the RDI brand name.

The Company under the brand name Jackson, it designs, manufactures and sells warewashing equipment and other equipment, including racks and tables. It offers a range of under counter dishwashers, door-type dishwashers, conveyor, pot washing and flight-type dishwashers. It produces beverage dispensers, ice/beverage dispensers, beer coolers, post-mix dispensing valves, backroom equipment and support system components and related equipment for use by QSR chains, convenience stores, bottling operations, movie theaters, and the soft-drink industry. Its beverage and related products are sold under the Servend, Multiplex, TruPour, Manitowoc Beverage Systems and McCann’s brand names. It designs, manufactures and sells a range of buffet equipment and stations, cafeteria/buffet equipment stations, bins, boxes, warming cabinets, dish carts, utility carts, counters and counter tops, mixer stands, tray dispensers, display and deli cases, heatlamps, insulated and refrigerated salad/food bars, sneeze guards and warmers. Its equipment stations, cases, food bars and food serving lines are marketed under the Delfield, Viscount and other brand names.

The end customer base for the Foodservice Equipment segment is consisted of a variety of foodservice providers, including, but not limited to, multinational and regional chain restaurants, convenience stores and retail stores; chain and independent casual and family dining restaurants; independent restaurants and caterers; lodging, resort, leisure and convention facilities; health care facilities; schools and universities; business and industrial customers; and many other foodservice outlets.

The Company competes with Hoshizaki, Scotsman, Follet, Ice-O-Matic, Brema, Aucma, Vogt, Automatic Bar Controls, Celli, Cornelius, Hoshizaki/Lancer Corporation, Vin Service, American Panel, ICS, Nor-Lake, Master-Bilt, Thermo-Kool, Bally, Arctic, Beverage Air, Traulsen, True Foodservice, TurboAir, Masterbilt, Ali Group, Electrolux, Dover Industries, Duke, Henny Penny, ITW, Middleby, Rational, Alto Shaam, Cambro, Duke, Hatco, Middleby, Standex, Vollrath, Bizerba, Electrolux, German Knife, Globe, Univex, ADS, Auto-Chlor, Insinger, Meiko and Winterhalter.

Company Address

Manitowoc Company Inc

2400 S 44th St
MANITOWOC   WI   54220-5846
P: +1920.6522222

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