Our Perspective
GLOBAL INVESTMENTS IN ENERGY GENERATION AND DISTRIBUTION
Manitowoc is a key part in driving investments in energy generation by designing and developing new cranes to build the critical infrastructure that enables a future where homes, businesses, and vehicles are powered by low-carbon electricity delivery by a modernized and resilient electric grid. Our people, the core of everything we do, are instrumental in powering modern life – our committed, dedicated team truly sets us apart.
HIGHER COMMODITY PRICES
We believe the energy transition trend expands opportunities for growth in a variety of ways. Our products and services are important tools to help address higher commodity prices due to rising global energy demand for renewables and many traditional forms of energy, while also helping to meet the requirement for significant global infrastructure.
U.S. INFRASTRUCTURE BILL & CHIPS INVESTMENTS
Manitowoc is playing a key role to support these capital investments 1) The U.S. Infrastructure Bill of 2022 provides $1.2 trillion in funds including $550 billion in new investments to modernize the bridges, airport, waterways, public transit 2) The CHIPS Act of 2022 provides $53 billion in federal funding and tax incentives for certain semiconductor related activities in the U.S. as a centerpiece to secure the U.S. semiconductor supply chain.
EUROPEAN HOUSING MARKET DEMAND
A recent study by Housing Europe Observatory reports a clear and alarming trend in Europe where the gap between income and housing is being exacerbated by inflation, rising interest rates, and growth in demands. Not only is housing more expensive, but it is also increasingly harder to afford quality housing. Currently, despite the need for housing, the residential construction market is soft. Manitowoc is well positioned to support the market rebound with a broad range of cranes and support offerings to serve customers.
REFRESH OF AGING GLOBAL CRANE FLEETS
The last significant boom cycle in cranes was over 15 years ago. Globally, crane fleets are averaging over 15 years of age. We are committed to providing our customers with options when they need to replace their aging fleets with the ability to buy new cranes or refurbish their existing cranes through our industry leading EnCORE remanufacturing program. This aspect of our business provides real value to our customers while reinforcing our commitment to sustainability.
GROW OUR BELT AND ROAD PRESENCE WITH A FOCUS ON THE MIDDLE EAST
The Belt and Road Initiative (BRI) is an ambitious effort to improve regional cooperation and connectivity on a transcontinental scale including a rapidly growing Middle East region. Examples of Belt and Road Initiative infrastructure investments include skyscrapers, railroads, roads, bridges, airports, and dams. Manitowoc is a key actor to support these projects.
At Manitowoc, our vision is to build physical communities for current and future generations. We are driven by sustainable development, as a way to address social, economic, and environmental concerns in an integrated and balanced manner. The Manitowoc Way fuels our continuous improvement processes and operational excellence to achieve our sustainability goals.
We are committed to sustainability by constantly developing skills and guaranteeing a safe working environment to our team
members. We believe in fostering a diverse and inclusive organization for all. We strive to design, manufacture, and deliver innovative, energy-efficient, and environmentally responsible cranes and lifting solutions. We aim to understand, monitor and reduce our environmental impact through the responsible use of resources, minimizing waste, and reducing emissions in our operations.
We work with our customers, suppliers, and partners to promote sustainable practices throughout our value chain and contribute to
a more sustainable future for our planet. We implement these principles with strong governance and transparency with our stakeholders.
We are very proud of our commitment and improvement on ESG. We have again been recognized for the second year in a row as one of “America’s Most Responsible Companies” by Newsweek in 2023; this award is a reflection of our work in sustainability.
The Manitowoc Company was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Our goal is to build the physical communities of tomorrow by serving our customers through managing the lifecycle of our machines, including new and used cranes; enhanced service and product support; comprehensive selling options, like trade-ins and RPOs (Rent-to-Purchase options); remanufacturing services; and digital solutions.
We build the physical communities & structures for current & future generations.
We aspire to have the highest customer confidence & trust in the lifting industry.
I do what is right
We work as a team
We deliver results
I am a role model
Traded on the New York Stock Exchange under “MTW” since May 27, 1993
Leading global lifting equipment and service company
$2.2 billion in 2023 total net sales
~4,800 employees
11 manufacturing and 47 service and sales locations globally
Source: Company Filings. (1) For the year-ended December 31, 2023.
Safety of our people is at the forefront of all we do. We strive to create an injury-free workplace. Read more: Health, Safety and Wellbeing, Our People, and Engagement with the Community
We promote diversity, equity, and inclusion and support the professional development of all our employees and gender equality is an important focus of our corporate culture. Read more: Our People
We believe that access to quality education and training is an essential driver of social and economic progress, and we are committed to making a positive contribution to this goal. Read more: Our People, Engagement with the Community
We firmly believe in creating an environment conducive to growth, both for our employees and our business partners, while making a positive contribution to the global economy. Read more: Our People, Engagement with the Community
The Manitowoc Company is committed to supporting the United Nations Sustainable Development Goals and is proud to contribute to those goals through the daily execution of The Manitowoc Way.
Our PeopleWe are committed to creating safe, secure and healthy work environment that upholds human rights, gender equality and access to quality education.
We are focused on the reduction of our carbon footprint, exploring renewable energy sources, and promoting environmentally friendly technologies. Read more: Our Perspective, Operating Sustainably
We stimulate industry, innovation, and infrastructure by investing in research and development and contributing to the creation and improvement of global infrastructure. Read more: Our Perspective
We are taking steps to reduce our carbon footprint, adopt sustainable business practices, and strengthen our resilience to climate change. Read more: Operating Sustainably
We promote responsible consumption and production by adopting sustainable practices throughout our supply chain, promoting waste reduction and encouraging our customers to make informed choices. Read more: Operating Sustainably
Sustainable Products and OperationsWe are committed to promoting responsible consumption and production by adopting sustainable practices throughout our operations and innovations.
We promote access to clean water and sanitation by implementing water conservation initiatives, adopting responsible practices in our operations and supporting projects to improve water quality. Read more: Engagement with the Community, Operating Sustainably
The Lessons Learned Program was created seven years ago and consists of sharing all the best practices developed and implemented by our employees for improving our industrial and environmental processes. Almost 6,000 Lessons Learned have been implemented in these areas in that time.
In 2023, we expanded the global Lessons Learned competition to our aftermarket teams, allowing us to accelerate our growth in this part of the business by developing lean culture. Furthermore, 2023 marked the first year the HR and Finance departments submitted kaizens which underscores how broad the Lessons Learned Program applies to improve our business.
At our Charlieu facility, the paint value stream team worked for several weeks with The Manitowoc Way leaders to increase the capacity of the paint line. This project drove significant improvement eliminating waste by enabling the team to produce the same volume of cranes with 44% less operating time resulting in an energy reduction of 678 MWh per year (435 tons of CO2e)! Close teamwork while utilizing the principles of The Manitowoc Way enabled our manufacturing processes to eliminate waste and be more sustainable. This is just one example of how the kaizen mindset of our team members helped Manitowoc reduce our Greenhouse Gas emissions by 20% in 2023 compared to 2019. There were over 100 Lessons Learned entries in 2023 related to environmental improvements.
In 2023, over 220 entries were submitted in our global Lessons Learned competition. Our Ankeny, Iowa, branch is the inaugural winner for developing a mobile station to complete dielectric testing on booms in the field. Previously, we had to lift a 250-pound test unit onto the back of a truck or bring the machine into the shop to test the electrical safely. It was a slow, costly, and labor-intensive process, which was very frustrating for customers. The new “mobile dielectric testing unit” design allows the service team to take a test unit to the vehicle and perform the electrical tests while the crane is at a job site. This new device saves time and money which allows the team to both work safer and increase customer satisfaction. This is the power of The Manitowoc Way.
The winner of this year’s WorkSafe & The Manitowoc Way Lessons Learned Program was awarded to the Crawler Crane Value Stream team in Shady Grove, PA. During a kaizen, the team identified the positive impact of breaking down the fabrication set-up process of lattice boom inserts into sub-weldments. Thanks to this change, the sub-weldments are easier to manufacture which significantly reduces time spent working at height. Most of the work that required the use of scaffolding is now done at ground level. This improved the safety and ergonomics of the workstation and reduced the fabrication assembly time of the inserts.
This positive evolution in the manufacturing process of certain lattice boom sections was achieved with very low investment and is the result of real teamwork among the fabricators, manufacturing engineers, and design engineers.
Drastic reduction of lifting operations with overhead cranes and elimination of forklifts in the line
Ergonomics improvement by integrating direct sub transfer from containers to workstation
Consumption reduction by 5,122 kWh/year
Just-in-time delivery from suppliers, in the sequence of assembly
30% improvement in assembly capacity of cabs
Improvement in the production efficiency of the electrical cabinet line by 30%
130m² of manufacturing space made available for growth opportunities
Internal resources only, no expenses
The Manitowoc Way CEO Award recognizes an employee every year who embodies The Manitowoc Way's values and best practices daily. This year, Aaron Ravenscroft presented the CEO Award to Ludovic Puravet, the Value Stream Manager of the mechanism line of the Charlieu factory in France.
For two years, Ludovic and his team worked on the electrical cabinet assembly line and managed its major transformation, while ensuring the continuity of production.
By using all the analysis tools of The Manitowoc Way, such as Value Stream Mapping, Kaizen, Elimination of Non-Value Added and Just-in-Time delivery, combined with the advanced practice of change management, Ludovic was able to lead his team as well as external suppliers to successfully implement this ambitious project.
