The Manitowoc Company, Inc. (“Manitowoc”) says that it will implement further actions during 2016 to right-size, the now independent, Cranes business and increase operating efficiencies to meet current demand levels.
Those activities will include headcount reductions in the company’s Shady Grove, Pa., and Manitowoc, Wis., facilities, plant rationalizations, and other cost optimization initiatives. The new moves come in addition to activities announced in late 2015.
“As we have communicated, this cycle has proven to be different from any other in recent past. Since joining the company in late December, I have continued to outline a strategy that centers on our key stakeholders – customers, employees, and shareholders," said Barry L. Pennypacker, president and chief executive officer of The Manitowoc Company. "My goal is to create a culture that is driven by innovation and velocity at the core of every aspect of our business.”
“Our business has great potential for growth and improved profitability. However, there are clear opportunities to improve near-term performance, while at the same time positioning the company to extend its industry leadership," added Pennypacker. "The activities we are announcing today will further improve our margin profile, while ensuring agility in our response to customers’ needs. We will provide greater clarity on expected costs and savings as a result of these actions during our first quarter 2016 earnings call,” concluded Pennypacker.
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