19.03.2002

Manitowoc acquires Grove

Manitowoc has announced its acquisition of Grove Worldwide.

At a reception in Las Vegas, on the eve of Conexpo's opening, Manitowoc announced that it expected to close a deal to take over mobile crane manufacturer Grove Worldwide within 45 to 90 days. A 'binding offer' has been made and now the two companies await regulatory approval.

Manitowoc chief executive Terry Growcock said that the combination of Grove, Manitowoc and Potain (which was taken over nine months ago) would produce the world's largest crane product line. "We have essentially become a 'one stop shop' for our customers", he said, adding that all Grove employees would be welcomed into the Manitowoc fold.

As yet, no name change is planned for the Grove product line. Vertikal.net is attending Conexpo and will report more details as they become available in the coming hours.