Manitowoc acquires Grove product line - Equipment Report - Grove Investors Inc - Brief Article

Recycling Today, Nov, 2002

Manitowoc Co., a maker of high-capacity lattice-boom crawler cranes and tower cranes, has completed its acquisition of Grove Investors Inc. for $271 million. The Manitowoc, Wisc.-based manufacturer broadens its product line with the acquisition of Grove.

"We're pleased to officially welcome Grove to the Manitowoc family," says Terry D. Growcock, Manitowoc's president and CEO. "The acquisition represents a strong growth opportunity for Manitowoc by adding mobile cranes to our product offering. In addition, it confirms our position as the world's leading provider of lifting equipment for the construction industry."

Grove becomes part of Manitowoc's Crane segment, adding its line of mobile hydraulic cranes, truck-mounted cranes and boom trucks to Manitowoc's line of lattice-boom crawler cranes and tower cranes. Grove's primary manufacturing facility is in Shady Grove, Pa.

The company had to divest itself of its boom trucks division to comply with a U.S. Department of Justice, according to Manitowoc treasurer Carl J. Laurino.

Manitowoc Co. makes lattice-boom cranes, tower cranes, mobile hydraulic cranes, boom trucks and related products primarily for the construction industry, though some cranes are used in demolition, scrap recycling and steel mill services applications. Manitowoc also makes ice-cube machines, ice/ beverage dispensers and commercial refrigeration equipment for the food service industry, as well as providing ship repair, conversion and new-construction services for the Great Lakes maritime industry.