The Manitowoc Company, Inc. - MTW STOCK NEWS

The Manitowoc Company (NYSE: MTW) announced the election of Amy R. Davis and Robert W. Malone to its Board of Directors, effective immediately. This move increased the board size from eight to ten members. Ms. Davis, currently President of New Power Business at Cummins, has extensive experience in sales and management. Mr. Malone, President of Parker-Hannifin's Filtration Group, brings significant operational expertise. Chairman Kenneth W. Krueger emphasized that both will provide valuable perspectives for Manitowoc's strategic growth.

The Manitowoc Company (NYSE: MTW) will host its 2021 Investor and Analyst Meeting on December 13, 2021, at 9:00 a.m. EST at the New York Stock Exchange and via webcast. CEO Aaron H. Ravenscroft and senior management will discuss the company’s strategies for sustainable long-term growth. More details, including webcast information, will be provided closer to the event date and can be found on the company’s Investor Relations website.

Founded in 1902, Manitowoc is a leading global provider of cranes and lifting solutions.

H&E Equipment Services has completed the sale of its crane business to a wholly-owned subsidiary of Manitowoc Company for approximately $130 million. The cash proceeds will fund facility expansions, rental fleet investments, and general corporate purposes. CEO Brad Barber stated that this divestment allows H&E to focus exclusively on its equipment rental strategy, potentially enhancing revenue and margins. Additionally, the sale of two earthmoving distribution branches in Arkansas was finalized, maintaining H&E's operations in Louisiana, bringing their rental operations to 101 branches across 24 states.

The Manitowoc Company has completed the acquisition of the crane business from H&E Equipment Services for approximately $130 million. This strategic move is intended to enhance Manitowoc's aftermarket services and expand its market reach through the establishment of MGX Equipment Services, LLC, which will focus on sales, service, parts, and financing for cranes. The acquisition aligns with Manitowoc's goal of increasing shareholder value and improving customer support.

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.

The Manitowoc Company (NYSE: MTW) has agreed to acquire Aspen Equipment, Co. for approximately $51 million. This acquisition aims to enhance Manitowoc’s presence in Iowa, Nebraska, and Minnesota, expanding its customer base and service offerings. Aspen Equipment, a prominent crane dealer and truck upfitter, brings industry-leading technical support. Manitowoc expects the acquisition to contribute positively to adjusted EBITDA in the first year. The transaction is anticipated to close in September 2021, subject to customary conditions.

The Manitowoc Company reported a strong second quarter with a net income of $17.9 million, or $0.50 per diluted share, and adjusted net income of $21.2 million, or $0.60 per diluted share. Net sales surged by 41% year-over-year to $463.6 million, bolstered by favorable foreign currency exchange rates. Orders reached $537.2 million, a remarkable increase of 126% from the previous year. Backlog also grew by 71% to $736.1 million. Despite operational challenges from a cybersecurity incident and anticipated economic pressures, Manitowoc remains optimistic about future growth and has updated its full-year guidance.

The Manitowoc Company (NYSE: MTW) is set to release its second-quarter 2021 results after the market closes on August 5, 2021. The company will host a conference call to discuss its results and future outlook on August 6, 2021, at 10:00 a.m. ET. Investors can access the call via webcast on Manitowoc's website, where a replay will also be available.

Founded in 1902, Manitowoc is a leading provider of engineered lifting solutions, producing mobile hydraulic cranes, tower cranes, and more under renowned brands.

H&E Equipment Services (NASDAQ: HEES) announced a definitive agreement to sell its crane business to The Manitowoc Company (NYSE: MTW) for $130 million in cash. The transaction, expected to close in Q4 2021, aims to enhance H&E's focus on the equipment rental market, which has shown significant growth, increasing rental revenues from 32% to 51% over the past decade. The sale will strengthen H&E's EBITDA margin and allow investment in fleet expansion and technology. The transaction was unanimously approved by H&E's Board of Directors.