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.
