Manitowoc (MTW) Sees Charges on Crawler Crane Manufacturing Operations
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Manitowoc (NYSE: MTW) disclosed the following on Tuesday:
Item 2.05 Costs Associated with Exit or Disposal Activities.
On August 4, 2016, the Manitowoc Company, Inc. (the “Company”) Board of Directors authorized management to launch a restructuring program to optimize the Company’s U.S. manufacturing footprint. On August 8, 2016, the Company announced its intent to relocate its crawler crane manufacturing operations located in Manitowoc, Wisconsin to Shady Grove, Pennsylvania beginning in the third quarter of 2016, with completion anticipated by the third quarter of 2017. This initiative is intended to increase operational efficiency and allow the Company to reallocate resources to invest in future growth. The Company will involve local stakeholders, including relevant employee representatives, at the impacted location in compliance with local practices and requirements.
Under the program, the Company expects to incur cash charges related to severance costs and other employment-related benefits in the range of $10 to $15 million, capital expenditures in the range of $10 to $15 million, and other costs in the range of $15 to $20 million. Non-cash charges, primarily related to fixed assets and inventory related charges are expected to be in the range of $30 to $40 million.
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