Manitowoc (MTW) Misses Q3 EPS by 7c

The Manitowoc Company Reports Third-Quarter Financial Results

Solid improvement in Foodservice offset by persistent end-market weakness in Cranes;
Announced restructuring activities to result in savings of approximately $135 - $145 million over the next three years;
Planned business separation remains on track for Q1 2016

MANITOWOC, Wis.--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) today reported third-quarter 2015 sales of $863.5 million, a 12.5 percent decrease from $986.3 million in the third quarter of 2014. Approximately 40 percent of this decline was due to unfavorable foreign currency impacts.

On a GAAP basis, the company reported... More

The Manitowoc Company Appoints Kenneth W. Krueger Interim Chairman, President and Chief Executive Officer

MANITOWOC, Wis.--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) announced today that it has named current Board member Kenneth W. Krueger as interim chairman, president and chief executive officer, effective immediately. The company has also announced that Glen Tellock has resigned as Manitowocs chairman, president and chief executive officer, and will step down from the Board of Directors, to pursue other opportunities. The Board of Directors has initiated a search for a chief executive officer of Manitowoc Cranes. Hubertus Muehlhaeuser will remain the chief executive officer of Manitowoc Foodservice.

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