03.01.2003

Manitowoc sells Boom trucks

Manitowoc's boom truck division has been sold to Quantum Heavy Equipment LLC of Delaware for an undisclosed sum. The sale was ordered by the US Department of Justice when it gave consent for Manitowoc to purchase Grove Worldwide. The DoJ felt that the combined strengths of Grove's National and Manitowoc Boom Trucks would otherwise have created a monopolistic force in the market.

"While we are disappointed to sell this business, with the completion of this transaction all matters relating to the Grove acquisition are now complete," said Terry D. Growcock, Manitowoc's chairman and chief executive officer.

As part of the transaction, all of Manitowoc Boom Trucks' assets and liabilities were transferred to Quantum Heavy Equipment, which, as required under the consent decree with the Department of Justice, has the right to use the "Manitowoc Boom Trucks" brand name for up to three years after the closing.

Quantum Heavy Equipment is a subsidiary of Quantum Value Partners, LP.