Layoffs loom at Manitowoc, including Shady Grove
SHADY GROVE — A Friday announcement by Manitowoc will mean layoffs at its Shady Grove manufacturing facility.
The Manitowoc Company, Inc. said in a news release it will “implement further actions during 2016 to right-size, the now independent, Cranes business and increase operating efficiencies to meet current demand levels.” These activities will include headcount reductions in the company’s Shady Grove and Manitowoc, Wis. facilities, plant rationalizations, and other cost optimization initiatives, and are in addition to those activities announced in late 2015.
“As we have communicated, this cycle has proven to be different from any other in recent past,” commented Barry L. Pennypacker, president and chief executive officer of The Manitowoc Company.
“Since joining the company in late December, I have continued to outline a strategy that centers on our key stakeholders — customers, employees and shareholders. 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. The activities we are announcing 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.”
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global manufacturer of cranes and lift solutions with 49 manufacturing, distribution, and service facilities in 20 countries. Manitowoc is recognized as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading aftermarket product support services. In 2015, Manitowoc’s revenues totaled $1.9 billion, with over half of these revenues generated outside the United States.