Manitowoc Cranes: A Legacy of Innovation and Global Reach

[MikePhua]

Founding and Early Years
The Manitowoc Company, established in 1902 in Manitowoc, Wisconsin, began as a shipbuilding enterprise. Over time, it diversified into various industries, including crane manufacturing. In the 1920s, the company ventured into the crane business, marking the beginning of its long-standing presence in the lifting equipment industry.
Expansion and Acquisitions
In 2002, Manitowoc acquired the Grove Crane company, enhancing its product portfolio and manufacturing capabilities. This acquisition allowed Manitowoc to offer a broader range of cranes, including mobile telescopic cranes, tower cranes, and lattice-boom crawler cranes.
Product Portfolio
Manitowoc's crane offerings are diverse, catering to various lifting needs across industries. The company's product portfolio includes:

• Mobile Telescopic Cranes: Versatile cranes suitable for a range of applications, offering mobility and flexibility.
  
• Tower Cranes: Ideal for construction projects requiring high lifting capacities and reach.
  
• Lattice-Boom Crawler Cranes: Designed for heavy-duty lifting tasks, providing stability and strength.
  
• Boom Trucks: Combining crane capabilities with truck mobility, suitable for various lifting tasks.
  

Global Presence
Manitowoc operates manufacturing facilities in multiple countries, including the United States, Germany, Italy, France, Portugal, Slovakia, China, and India. This global presence enables the company to serve a wide range of markets and meet diverse customer needs.
Financial Performance
In 2024, Manitowoc reported net sales of approximately $2.2 billion, a slight decrease from the previous year. Despite this, the company achieved a record in non-new machine sales, generating $629.1 million in revenue. This growth in aftermarket sales reflects Manitowoc's strategic focus on expanding its service and parts business.
Strategic Initiatives
Manitowoc's CRANES+50 strategy aims to transform the company into a less cyclical, higher-margin business by growing its non-new machine sales. This approach focuses on expanding aftermarket services, including parts, services, rentals, used cranes, and digital solutions.
Conclusion
With over a century of experience, Manitowoc continues to be a leader in the crane manufacturing industry. Through strategic acquisitions, a diverse product portfolio, and a focus on aftermarket services, the company is well-positioned for continued growth and success in the global market.