12.09.2007

Manitowoc says demand still strong

Manitowoc Exec Says Crane Demand Strong
Associated Press 09.11.07, 6:35 PM ET

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Manitowoc chairman Terry Growcock says demand for cranes remains strong. Talking to financial analysts yesterday, Growcock said that the commercial construction market has yet to see any sign of a slowdown and Manitowoc's crane backlog remains the highest in its history.

He added that only about 40 percent of the Manitowoc crane sales come from North and South America, making the company less sensitive to fluctuations in the US construction market.

At the same time, the company's food service segment, which makes equipment ranging from icemakers to walk-in refrigerators, is moving toward being a global company and looking for possible acquisition targets, he said.

Meanwhile, Growcock said the company's marine division has also stayed afloat by building vessels for both government and commercial use, though the company doesn't see the business as a growth vehicle.

"We believe we can improve our operations," Growcock said. "But the best investment for our shareholders would be to take the money from the marine business and use it to grow cranes and food service."