The Manitowoc Company, Inc. (‘Manitowoc’) provides engineered lifting solutions globally. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.
Segments
The company has three segments: the Americas segment,...
The Manitowoc Company, Inc. (‘Manitowoc’) provides engineered lifting solutions globally. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.
Segments
The company has three segments: the Americas segment, the Europe and Africa (‘EURAF’) segment, and the Middle East and Asia Pacific (‘MEAP’) segment.
The Americas reporting segment includes the North America and South America continents.
The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region.
The MEAP reporting segment includes the Asia and Australia continents, and the Middle East region.
The Manitowoc Way
Manitowoc plays an integral role in building the physical communities and structures for current and future generations.
The Manitowoc Way includes its continuous improvement process, focused on delivering value to its customers, shareholders, and employees. This includes lean tools, such as the Toyota Production System, to eliminate waste from processes, reduce lead times, increase safety within its facilities, improve the quality of its products, and drive its sustainability. The Manitowoc Way also encompasses its Voice of the Customer process, which has allowed the company to introduce innovative, customer-focused products to the market.
The Manitowoc Way has played a critical role in its success to build a sustainable, stand-alone crane company.
Business Strategy
The company’s key strategies are to grow its tower crane rental and aftermarket business in Europe; grow its Belt and Road tower crane business with a focus on the Middle East; expand its aftermarket activities in North America; and leverage its all-terrain crane new product development to grow aftermarket.
Products and Aftermarket Services
The company’s crane products are used in a wide variety of applications throughout the world, including energy production/distribution and utility, petrochemical and industrial, infrastructure, such as road, bridge, and airport construction, as well as commercial and residential construction. It designs, manufactures, and distributes a diversified line of crawler-mounted lattice-boom cranes, sold under the Manitowoc brand name, an expansive line of top-slewing and self-erecting tower cranes, sold under the Potain brand name, and a diversified line of mobile hydraulic cranes, sold under the Grove, Shuttlelift, and National Crane brand names. The company also provides an expansive array of aftermarket services and continues to invest in its rental fleet to further expand its aftermarket services to customers. It sells its entire product offering to most regions of the world and offers its full line of services primarily in the United States and Europe. Moreover, it reports using a geographic reporting structure to better align with the location of its customers and the unique market dynamics of each geographic region. The company primarily distributes its products through a global network of independent distributors and/or rental companies. Additionally, it distributes its products through its wholly owned distribution network under the brand names of MGX and Aspen in certain areas of the United States. The company’s main products and services are:
Products
Lattice-boom crawler cranes: Under the Manitowoc brand name, the company designs, manufactures, markets, and sells lattice-boom crawler cranes. The lattice-boom sections, together with the crane base, are transported to and erected at a project site. These cranes are used to lift material and equipment in a wide variety of applications, including heavy construction, bridge and highway, infrastructure, and energy-related projects. These cranes are also used by the crane rental industry, which serves all the aforementioned end markets. The company’s lattice boom crawler cranes are produced in the U.S.
Tower cranes: Under the Potain brand name, the company designs, manufactures, markets, rents, and sells tower cranes primarily used in the commercial and residential construction end markets. Tower cranes offer the ability to lift and distribute material at the point of use, more quickly and accurately than other types of lifting machinery, without utilizing substantial square footage on the ground. The company offers a complete line of tower crane products, including top slewing, luffing jib, topless, self-erecting, and special cranes for building projects.
Top-slewing tower cranes have a tower and a multi-sectioned horizontal jib. These cranes rotate from the top of their mast. These cranes are sold to rental companies and building and construction groups for a variety of applications varying from skyscrapers, nuclear power plants, semiconductor plants, and general construction. There are three styles of top-slewing tower cranes: hammerhead/cathead; topless; and luffing jib. These cranes are produced in France, Portugal, India, and China.
Self-erecting tower cranes rotate from the bottom of the mast, which have a counterweight positioned at the bottom. The lower segment of the range unfolds in four sections, two for the mast and two for the jib. Self-erecting cranes are utilized primarily in low to medium rise commercial and residential construction applications. The company’s self-erecting tower cranes are produced in France and Italy.
Mobile hydraulic cranes: Under the Grove, Shuttlelift, and National Crane brand names, the company designs, manufactures, markets, rents, and sells mobile hydraulic cranes utilized in industrial, commercial, construction, and maintenance applications. Mobile hydraulic cranes consist of a telescopic boom mounted on a carrier with the ability to easily move in or between job sites, with some permitted on public roadways. The company currently offers the following six types of mobile hydraulic cranes: rough-terrain, all-terrain, truck-mounted, telescopic crawler, industrial, and boom truck.
Rough-terrain cranes are designed to lift materials and equipment on rough or uneven terrain, and their versatility allows them to carry out many different lifts within the boundaries of given job sites. Rough-terrain cranes are produced in the U.S. and Italy and sold under the Grove brand name.
All-terrain cranes are versatile cranes designed to perform a wide range of lifts on rough or uneven terrain. These cranes are maneuverable and roadable at highway speeds. All-terrain cranes are produced in Germany and sold under the Grove brand name.
Truck-mounted cranes provide simple set-up, long reach, capacity booms, and are roadable at highway speeds. These cranes are produced in the U.S. and sold under the Grove brand name.
Telescopic crawler cranes consist of a telescopic boom superstructure mounted on a crawler crane chassis. These cranes are purchased as complete units from a strategic manufacturing partner and sold under the Grove brand name.
Industrial cranes are designed primarily for plant maintenance, storage yard, and material handling applications. These cranes allow for lifting and carrying loads on a smooth, flat surface. These cranes are produced in the U.S. and sold under the Grove and Shuttlelift brand names.
Hydraulic boom trucks are hydraulically powered telescopic cranes mounted on a conventional truck chassis. Hydraulic boom trucks are used primarily for lifting material on a job site. These cranes are produced in the U.S. under the National Crane brand name.
Services
Aftermarket Services
The company provides expansive aftermarket services, such as the sale of parts and accessories, field service work, routine maintenance services, technical support, erection and decommissioning services, crane and major component remanufacturing, training services, and telematics. Additionally, it continues to invest in its rental fleet in the United States and Europe to provide additional options and flexibility to its customers. The company’s aftermarket services are offered through its crane product brand names, Manitowoc, Potain, Grove, Shuttlelift, and National Crane, as well as through its wholly owned distributors, MGX and Aspen.
Parts and accessories: Parts and accessories are stocked at the company’s parts distribution centers around the world and sold through its distribution networks to ensure availability of parts to its customers. The company’s distribution locations also stock operational critical and frequently used parts to increase parts fulfillment velocity and reduce customer downtime.
Services: The company’s certified technicians can provide troubleshooting, remote diagnostic, maintenance service, and repairs for its crane products. The technicians provide customers with efficient and quality repairs to ensure the crane products can operate to the original crane product specification and performance.
Technical support: The company has product-based technical support teams that provide advanced troubleshooting, major repair procedures, incident reporting, and repair consultation services. The technical support team has extensive subject matter expertise and works closely with its engineering and manufacturing teams to provide prompt and expert advice to its customers.
Erection and decommissioning services: The company’s qualified crane service technicians from its company-owned and independent distributors assist customers in safely erecting and decommissioning cranes on job sites.
Crane and major component remanufacturing: Under the brand name EnCORE, the company’s remanufacturing services offer cost-effective ways for its customers to restore a crane to its original specifications and performance. As part of this service, complete machines or major components are disassembled, cleaned, repaired, or replaced to meet manufacturer’s specifications, using genuine parts. All controls and safety devices are updated to current regulatory standards. Finally, the machine or component is thoroughly inspected and tested.
Training: The company’s Manitowoc Training Center offers extensive technical training on all its crane products, which are conducted at its training facilities or on-site for its distribution service technicians and some customers.
Telematics: Manitowoc’s Potain Connect and Grove Connect telematics solutions provide subscription-based real-time access to service information on cranes through remote troubleshooting, enhancing service support, and improving speed to assist in resolving product issues. Key benefits include minimizing downtime on cranes and the ability to monetize aftermarket revenue.
Competition
Tower Cranes: The company’s primary competitors include Cattaneo; Comansa; Favelle Favco; Jaso; Liebherr; Raimondi; Saez; Sany; SOIMA; Terex Comedil/Peiner; Vicario; Wolffkran; Yongmao; XCMG; and Zoomlion/Wilbert.
Mobile Telescopic Cranes: The company’s primary competitors include Broderson; Elliott; Hitachi Sumitomo; Kobelco; Liebherr; Locatelli; Manitex; Sany; Link-Belt; Tadano; Terex; XCMG; and Zoomlion.
Research and Development
The company’s research and development costs are charged to expense as incurred and amounted to $41.1 million for the year ended December 31, 2024.
History
The Manitowoc Company, Inc. was founded in 1902.