Manitowoc sells Marine business

  • 20-Jan-2009 11:13 EST
The Manitowoc Co. Inc. sold its Marine segment to Fincantieri Marine Group Holdings Inc. The net purchase price in the all-cash deal was approximately $120 million. Manitowoc Marine Group (MMG) is a full-service shipbuilding, ship repair, and ship conversion organization that operates facilities in Sturgeon Bay, WI; Marinette, WI; and Cleveland, OH. Serving a broad base of commercial, military, and government customers that operate vessels both on and off the Great Lakes, MMG employs a workforce of 1587 at its Bay Shipbuilding, Marinette Marine, and Cleveland Shiprepair operations. In 2007, the Marine segment had sales of $321 million and operating earnings of $26 million.
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