Manitowoc Acquires Shirke’s Potain Tower Crane Business
📅 Thu August 23, 2007 - National Edition
The Manitowoc Company Inc. has acquired Shirke Construction Equipments Pvt. Ltd.
Shirke is headquartered in Pune, India, and manufactures Potain tower cranes under license. It also is the Potain distributor for India, Sri Lanka, Nepal, Bangladesh, and Bhutan.
The newly acquired business will operate in the future as Potain India Pvt. Ltd. and will continue to manufacture tower cranes under the Potain name.
Eric Etchart, president of Manitowoc Crane Group (MCG), said the Shirke acquisition was an excellent fit for the company.
“The Shirke acquisition fits with MCG’s policy of providing industry leading customer service through strong local representation,” he said. “Customers in India and the surrounding region will benefit from our investment. In addition, Potain’s resources and capability in the global tower crane market will be further strengthened.”
The acquisition gives Manitowoc Crane Group a strong presence in the fast-growing Indian market. The company also has announced plans for a new Manitowoc Crane CARE facility to ensure its customers in the region receive the very highest levels of service.
T.R. Badarinarayan, chief executive officer of Shirke Construction Equipments Pvt. Ltd., said the timing of the MCG acquisition was perfect.
“We have been selling tower cranes in India for well over 30 years and know the market better than anyone,” he said. “The economic growth over the past few years represents the start of a new era in India’s construction history. Our incorporation into the Manitowoc Crane Group will allow us to continue to serve the market from a position of strength.”
Shirke has been in the construction industry since the 1940s. Since the 1970s it has focused on tower cranes. The employees and management of Shirke will continue in their current roles.
Etchart said the Shirke acquisition strengthens MCG as a global entity.
“This acquisition is a strategic move on our part that extends our manufacturing capacity and our global footprint,” he said. “It demonstrates that we are focused on maintaining and developing our position as a leader of the lifting industry, delivering maximum value to our customers.”