08.12.2005

Manitowoc raise $60 million

The Manitowoc Company, Inc has closed a three year trade receivables securitisation deal arranged by the Finacity Corporation and Harris Nesbitt. The three-year funding will be secured against receivables assigned from its operating subsidiaries and will provide Manitowoc cash proceeds of up to $60 million through the ongoing purchase of the debtors, from domestic and Canadian accounts.

The funds will be invested within areas of the business that will provide a higher rate of return.