Manitowoc at a Glance

For more than 120 years, Manitowoc has thrived as a product-driven company, developing, manufacturing, and selling a comprehensive portfolio of new cranes. Today, we are re-focusing our efforts to become a solutions-oriented company.

Our company

In pursuing our mission to build the physical communities of tomorrow, we have gained a deeper appreciation of how we can better serve our customers by managing the lifecycle of our machines through enhanced service and product support; more comprehensive selling options, like trade-ins and RPOs (Rent-to-Purchase options); and better digital solutions.

With a growing emphasis on increasing non-new machine sales (i.e., aftermarket parts, services, rentals, used cranes, training, and digital solutions), we launched CRANES+50 in 2021. CRANES+50 is our strategy to increase non-new machine sales by 50% over the next five years from our baseline of $449 million in 2021. Consistent with our Mission and Vision, CRANES+50 also focuses on maintaining, upgrading, and reselling existing cranes in the field to reduce the environmental impact of manufacturing cranes.

Products

We design, manufacture and distribute diversified lines of:

Crawler-mounted Lattice-boom cranes, which we sell under the Manitowoc brand name
Top-slewing and Self-erecting Tower cranes, which we sell under the Potain brand name
Mobile hydraulic cranes, which we sell under the Grove, Shuttlelift and National Crane brand names

Our 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.

We sell our entire product offering and full line of services in most regions of the world. Moreover, we report under a geographic reporting structure to better align with the location of our customers and the unique market dynamics of each region.

Manufacturing

We operate 11 manufacturing facilities (including remanufacturing facilities) that utilize a variety of processes. In general, the manufacturing process involves the machining and welding of raw materials, primarily steel, which are then manufactured into sub-assemblies. Sub-assemblies are then combined with purchased components into a complete machine. In our manufacturing operations, we maintain advanced manufacturing, quality assurance and testing equipment, and utilize extensive process automation. We have also invested in Product Verification Centers at our major manufacturing facilities to support new product development, testing and qualification of sub-systems, and final product designs.

We train employees in The Manitowoc Way, a business system that enables continuous improvement in our lean principles, finance and product and process engineering. Our team is comprised of individuals with diverse backgrounds in operations, quality, lean principles, finance, product and process engineering. The Manitowoc Way features lean tools to eliminate waste from processes and provide better value for customers while assessing and improving customer satisfaction. The Manitowoc Way improvement projects have contributed to manufacturing efficiency gains, materials management improvements, steady quality improvements, reduction of lead times, and more optimized use of manufacturing space.

Distribution

MGX Equipment Services, LLC, is one of the largest Manitowoc and Grove crane dealers in the U.S., serving a variety of end market customers. With a nationwide field sales and service team, MGX provides crane rentals, new sales, used sales, aftermarket parts, service, remanufacturing, structural repair services, and crane certification training from its 11 branch locations for all Grove, Manitowoc, National Crane, and Potain crane product lines.

In 2021, we completed the acquisition of substantially all of the assets of Aspen Equipment Company, a diversified crane dealer and a leading final stage purpose-built work truck upfitter, and substantially all of the assets of the crane business of H&E Equipment Services, Inc., one of the largest rental equipment companies in the U.S. The H&E crane business operates under our wholly-owned subsidiary, MGX Equipment Services, LLC. The acquisition of these businesses advances our strategy to expand our aftermarket activities within North America.

Complementing these acquisitions, in 2022 we acquired certain crane assets owned by Honnen Equipment in the Great Plains region; opened a new service center in Kansas City, Missouri; and are in the process of opening an MGX branch in Denver, Colorado. Through these growth efforts, we have broadened our direct-to-customer territory, and now serve the market with 16 branch locations in 13 states and over 150 field service technicians.

Aspen Equipment, a division of MGX Equipment Services, LLC, serves a wide array of customers in construction, mining, railroad, tree care and utility end markets. Aspen Equipment offers equipment rentals, new sales, used sales, parts, service, and product support from its five branch locations.