The Manitowoc Company Inc. has issued a binding offer to acquire the Potain cranes subsidiary of Groupe Legris Industries SA. The offer is contingent upon certain events, which include governmental and regulatory approval, as well as final acceptance of the offer by the seller.

Headquartered in Lyon, France, Potain is a world leader in the design, manufacture, and supply of tower cranes for the building and construction industry. Potain will be operated within Manitowoc’s crane segment and would create one of the world’s leading producers of lattice-boom crawler cranes, tower cranes, and boom trucks.

The purchase price for the acquisition will be approximately $300 million plus net cash at Dec. 31, 2000, subject to an adjustment for net earnings earned in the interim period.

This story also appears on Crane Equipment Guide.