The Manitowoc Company, Inc. a worldwide manufacturer of high-capacity lattice-boom crawler cranes and tower cranes, has completed the acquisition of Grove Investors Inc. The final purchase price was $271 million, funded by a combination of cash to be paid at a later date, a private offering of senior subordinated notes due 2012, and Manitowoc common stock.
"We’re pleased to officially welcome Grove to the Manitowoc family," said Terry D. Growcock, Manitowoc’s president and chief executive officer. "The acquisition represents a strong growth opportunity for Manitowoc by adding mobile cranes to our product offering. In addition, it confirms our position as the world’s leading provider of lifting equipment for the construction industry and allows us to provide equipment and lifting solutions for virtually any construction application."
Grove will become part of Manitowoc’s Crane segment, adding its line of mobile hydraulic cranes, truck-mounted cranes, and boom trucks to Manitowoc’s existing line of lattice-boom crawler cranes and tower cranes. The combination makes Manitowoc a leader in all three major crane categories: crawler cranes, tower cranes, and mobile hydraulic cranes.
