• ITVI.USA
    14,347.600
    105.650
    0.7%
  • OTRI.USA
    22.380
    -0.310
    -1.4%
  • OTVI.USA
    14,344.040
    98.760
    0.7%
  • TLT.USA
    2.760
    0.020
    0.7%
  • TSTOPVRPM.ATLPHL
    2.650
    -0.300
    -10.2%
  • TSTOPVRPM.PHLCHI
    1.970
    0.010
    0.5%
  • TSTOPVRPM.LAXSEA
    2.990
    -0.310
    -9.4%
  • TSTOPVRPM.LAXDAL
    2.490
    -0.200
    -7.4%
  • TSTOPVRPM.DALLAX
    1.460
    -0.040
    -2.7%
  • TSTOPVRPM.CHIATL
    3.280
    -0.100
    -3%
  • WAIT.USA
    127.000
    0.000
    0%
  • ITVI.USA
    14,347.600
    105.650
    0.7%
  • OTRI.USA
    22.380
    -0.310
    -1.4%
  • OTVI.USA
    14,344.040
    98.760
    0.7%
  • TLT.USA
    2.760
    0.020
    0.7%
  • TSTOPVRPM.ATLPHL
    2.650
    -0.300
    -10.2%
  • TSTOPVRPM.PHLCHI
    1.970
    0.010
    0.5%
  • TSTOPVRPM.LAXSEA
    2.990
    -0.310
    -9.4%
  • TSTOPVRPM.LAXDAL
    2.490
    -0.200
    -7.4%
  • TSTOPVRPM.DALLAX
    1.460
    -0.040
    -2.7%
  • TSTOPVRPM.CHIATL
    3.280
    -0.100
    -3%
  • WAIT.USA
    127.000
    0.000
    0%
American Shipper

Manitowoc closes on shipyards sale

Manitowoc closes on shipyards sale

Manitowoc Co. said last week it has completed the sale of its marine division to Italian shipbuilder Fincantieri-Cantieri Navali Italiani SpA.

   The net purchase price in the all-cash deal was about $120 million.

   In 2007, the marine segment had sales of $321 million and operating earnings of $26 million. The transaction is expected to generate a 2008 per-share, after-tax gain of about 60 cents.

   Manitowoc Marine Group is a full-service shipbuilding, repair and conversion operation with facilities in Cleveland, and Sturgeon Bay and Marinette, Wis.

   Over the years, Manitowoc has built a variety ships for the U.S. Navy, Coast Guard and commercial customers. Recent vessels have included articulated tug-barges for hauling oil, dredges, Staten Island ferries for New York City, Coast Guard icebreakers, and a so-called littoral combat ship for the Navy.

   Manitowoc operates more than 60 percent of the U.S. dry docks serving the Great Lakes, including two of the three largest graving docks.