Manitowoc Company (MTW) Completes Sale of its Marine Segment to Fincantieri Marine Group

January 2, 2009 8:20 AM EST
The Manitowoc Company, Inc. (NYSE: MTW) announced the completion, effective as of the end of the day on December 31, 2008, of the previously announced sale of its Marine segment to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA (Fincantieri). The net purchase price in the all-cash deal was approximately $120 million. Manitowoc intends to use the after-tax proceeds for debt reduction and other corporate purposes.

In 2007, the Marine segment had sales of $321 million and operating earnings of $26 million. The transaction is expected to generate a 2008 per-share, after-tax gain of approximately $0.60.

The Manitowoc Company, Inc. diversified industrial manufacturer in three principal markets: Cranes and Related Products (Crane), Foodservice Equipment (Foodservice) and Marine.[SM]

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