Manitowoc Completes Acquisition of Aspen Equipment

Rhea-AI Summary

The Manitowoc Company (NYSE: MTW) has completed the acquisition of Aspen Equipment Company for approximately $51 million. This acquisition enhances Manitowoc's capabilities in crane manufacturing and upfitting, targeting markets in Iowa, Nebraska, and Minnesota. Manitowoc’s President Aaron H. Ravenscroft emphasized the strategic synergies from this acquisition, particularly in serving utility and telecommunications sectors. The move is expected to bolster Manitowoc's direct-to-customer operations and improve its aftermarket service offerings.

Positive

• Acquisition of Aspen Equipment enhances Manitowoc's crane manufacturing and upfitting capabilities.
• Expands Manitowoc's direct-to-customer footprint in Iowa, Nebraska, and Minnesota.
• Synergies expected to enhance service to utility and telecommunications markets.

Negative

• Integration challenges may arise from the acquisition of Aspen Equipment.
• Potential financial strain from the $51 million purchase price.

MILWAUKEE--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”), a leading global manufacturer of cranes and lifting solutions, announced today that it has completed the acquisition of substantially all the assets of Aspen Equipment Company (“Aspen”), a diversified crane dealer and a leading final-stage, purpose-built work truck upfitter for approximately $51 million.

“We are pleased to welcome the Aspen team to the Manitowoc family. Our combined businesses provide unique synergies to accelerate our growth in the coming years. From a new machine perspective, Aspen’s upfitting business fits nicely with our National Crane boom truck business and will enable us to better serve key end markets, such as utility and telecommunications customers. Additionally, Aspen’s aftermarket business will complement our previously announced acquisition of H&E’s Crane business,” commented Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.

The acquisition of Aspen will expand Manitowoc’s direct-to-customer footprint in Iowa, Nebraska, and Minnesota with new sales, used sales, parts, and service to a variety of end markets. Aspen’s field support team brings industry-leading technical competencies and exceptional customer support. In addition, Aspen’s specialized crane and truck equipment upfitting capabilities provide greater depth of product offerings to a wider base of customers including loyal Manitowoc customers.

About The Manitowoc Company, Inc.

The Manitowoc Company, Inc. was founded in 1902 and has over a 118-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, lattice-boom crawler cranes, boom trucks, tower cranes, and industrial cranes under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brand names.

Forward-looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:

• The negative impacts COVID-19 has had and will continue to have on Manitowoc’s business, financial condition, cash flows, results of operations and supply chain, as well as customer demand (including future uncertain impacts);
• actions of competitors;
• changes in economic or industry conditions generally or in the markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies, and changes in demand for used lifting equipment;
• changes in raw material and commodity prices;
• geographic factors and political and economic conditions and risks;
• the ability to complete and appropriately integrate acquisitions, divestitures, strategic alliances, joint ventures or other significant transactions;
• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
• government approval and funding of projects and the effect of government-related issues or developments;
• unanticipated changes in the capital and financial markets;
• unanticipated changes in revenues, margins and costs;
• risks and factors detailed in Manitowoc's 2020 Annual Report on Form 10-K and its other filings with the United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210901005917/en/

Ion Warner

Vice President, Marketing and Investor Relations

+1 414-760-4805

Source: The Manitowoc Company, Inc.

FAQ

What company did Manitowoc acquire?

Manitowoc has acquired Aspen Equipment Company.

How much did Manitowoc pay for Aspen Equipment?

The acquisition was completed for approximately $51 million.

What markets will Manitowoc expand into with the Aspen acquisition?

Manitowoc will expand into markets in Iowa, Nebraska, and Minnesota.

What are the expected benefits of the Aspen acquisition for Manitowoc?

The acquisition will enhance Manitowoc's crane manufacturing and upfitting capabilities, targeting utility and telecommunications sectors.

What challenges might Manitowoc face after acquiring Aspen Equipment?

Manitowoc may face integration challenges and potential financial strain from the acquisition costs.