Manitowoc Completes Acquisition of Crane Business from H&E Equipment Services, Inc.


MILWAUKEE, October 01, 2021– (COMMERCIAL THREAD) – The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”), one of the world’s leading manufacturers of cranes and lifting solutions, announced the completion of the acquisition of the crane business of H&E Equipment Services, Inc. (“H&E”) (NASDAQ: HEES), one of the largest equipment rental companies in the United States, for approximately $ 130 million, subject to finalization net working capital and other transaction adjustments.

“We are delighted to welcome the H&E crane team to the Manitowoc family. The acquisition of the H&E cranes business advances our strategy to expand our aftermarket business into a large geographic area. The cranes business will be operated under our new wholly owned subsidiary, MGX Equipment Services, LLC. Together, we are in a better position to continue to provide industry-leading products and support to our customers while increasing shareholder value, ”commented Aaron H. Ravenscroft, President and CEO of The Manitowoc Company, Inc.

MGX Equipment Services, LLC (“MGX”) will expand Manitowoc’s ability to provide new sales, used sales, spare parts, service and crane financing options to a variety of end-market customers. MGX, along with the previously announced acquisition of Aspen Equipment Company, includes fourteen full-service branches as well as field service technicians who provide industry-leading technical skills and exceptional customer support.

About The Manitowoc Company, Inc.

The Manitowoc Company, Inc. was founded in 1902 and has over 118 years of tradition of providing high quality, customer-focused support products and services to its markets. Manitowoc is one of the world’s leading providers of technical lifting solutions. Manitowoc, through its wholly owned subsidiaries, designs, manufactures, markets and supports complete product lines of mobile telescopic cranes, lattice boom crawler cranes, boom trucks, tower cranes and industrial cranes under the Aspen Equipment, Grove, Manitowoc, MGX Marques Equipment Services, National Crane, Potain and Shuttlelift brands.

Forward-looking statements

This press release includes “forward-looking statements” intended to benefit the safe harbor of liability under the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements generally containing words such as “intentions”, “expects”, “anticipates”, “targets”, “estimates” and words of similar importance. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties as they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Factors that could cause results to differ materially from actual developments include, among others:

  • The negative impacts COVID-19 has had and will continue to have on Manitowoc’s business, financial condition, cash flow, results of operations and supply chain, as well as on customer demand ( including uncertain future impacts);

  • actions of competitors;

  • changes in general economic or industrial conditions or in the markets served by Manitowoc;

  • unforeseen changes in customer demand, including changes in the global demand for high capacity lifting equipment, changes in the demand for lifting equipment in emerging economies and changes in the demand for lifting equipment used lifting;

  • changes in the prices of raw materials and raw materials;

  • geographic factors and political and economic conditions and risks;

  • the ability to complete and appropriately integrate acquisitions, divestitures, strategic alliances, joint ventures or other material transactions;

  • the ability to capitalize on key strategic opportunities and the ability to execute Manitowoc’s long-term initiatives;

  • government approval and funding of projects and the effect of government related issues or developments;

  • unforeseen changes in capital and financial markets;

  • unforeseen changes in revenues, margins and costs;

  • risks and factors detailed in Manitowoc’s 2020 Annual Report on Form 10-K and its other filings with the United States Securities and Exchange Commission.

Manitowoc assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements speak only as of the date on which they are made. Information about potential factors that could affect the Company’s actual operating results is included in its filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K for the fiscal year ended December 31, 2020.

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