Marketplace Today Blog

By Don Walker
Milwaukee Journal Sentinel

The Manitowoc Co. on Friday announced the completion of its previously announced sale of its marine segment to an Italian company.

The net purchase price in the all-cash deal was approximately $120 million. The purchaser was Fincantieri Marine Group Holdings of Italy.

Manitowoc said it would the use proceeds for debt reduction and other corporate purposes.

“We are now entirely focused on two strategic lines of business: cranes and commercial foodservice equipment,” said Manitowoc CEO Glen E. Tellock. “We have built market leadership positions in both of these global markets, and now will be able to direct all of our efforts on growing these two businesses even further.”

The transaction is expected to generate a 2008 per-share, after-tax gain of approximately 60 cents.