Manitowoc approves share repurchase programme
Manitowoc directors have authorised a share repurchase programme of up to $30 million. The programme, which has no expiry date, approves the purchase of shares on the open market at times and amounts determined by the company based on its evaluation of market conditions, compliance with debt covenants, and other factors.
Chief executive Barry Pennypacker said: “Our new capital structure provides us with financial flexibility which allows us to return capital to shareholders while also enabling us to make strategic investments to pursue growth. The decision by Manitowoc’s board of directors to implement a share repurchase programme demonstrates confidence in our business strategy and enables us to deliver additional value to shareholders.”
Manitowoc Crane includes Grove mobile cranes, Potain tower cranes and Manitowoc lattice crawler cranes