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.
Freight Fraud Symposium
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
Future of Rail Symposium
Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
Double brokering. AI deepfakes. Identity theft. Freight fraud is an existential threat to the industry. Get ahead of it.
Rock & Roll Hall of Fame • Cleveland, OH Register NowPast the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post Office • Chicago, IL Register NowReshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now