Manitowoc and Grove confirmed
Manitowoc has announced that it completed its acquisition of Grove Investors, Inc on August 8. The final purchase price was $271 million, a combination of cash yet to be paid, Manitowoc common stock and a ‘private offering of senior subordinated notes due 2012’.
In order to complete the purchase, Manitowoc has had to negotiate with the US Justice department over its potential monopoly position of the loader crane market in the US. The resulting agreement is that it will sell Manitowoc Boom Trucks, Inc ‘to a buyer who will keep the business as a viable competitor after the sale’. Manitowoc will retain Grove's National Cranes business.
President of Manitowoc, Terry Growcock, said that the addition of Grove to the Manitowoc stable represented "a strong growth opportunity by adding mobile cranes to our product offering.” Manitowoc has, until now, produced lattice boom cranes, tower cranes and loader cranes (boom trucks), as well as other products such as refrigerators. Manitowoc also owns Potain which is a leading manufacturer of tower cranes and owns the Liftlux range of powered access platforms.