Manitowoc Reducing Crane Ops
By pdamon20 March 2016
While not providing specifics, The Manitowoc Co. Inc., will said it will reduce the size of its workforce this year in both Manitowoc, Wis. and Shady Grove, Pa. The company said the move is in response to overall weakness in the crane markets.
Manitowoc said sales in its crane operations dropped 19% in 2015, to $1.9 billion. It had since forecast relatively unchanged sales for 2016. The action, the company said, will include headcount reductions and other moves.
“This cycle has proven to be different from any other in recent past,” said Manitowoc CEO Barry Pennypacker.
While the number of employees involved was not disclosed, Manitowoc said it plans to elaborate on the cost-cutting initiatives after it reports first-quarter earnings.