MCG Indian acquisition

19 March 2008

The Manitowoc Company has acquired Shirke Construction Equipments Pvt in India for an undisclosed sum.

Headquartered in Pune near Mumbai, Shirke manufactures Potain tower cranes under licence and distributes the brand in India, Sri Lanka, Nepal, Bangladesh, and Bhutan. The company will now operate as Potain India Pvt and continue to manufacture tower cranes under the Potain name.

Eric Etchart, Manitowoc Crane Group (MCG) president, said, “The Shirke acquisition fits with MCG's policy of providing industry leading customer service through strong local representation. Customers in India and the surrounding region will benefit from our investment. In addition, Potain's resources and capability in the global tower crane market will be further strengthened.”

The move will also give MCG a strong presence in the fast-growing Indian market and strengthen its global entity, explained Etchart, adding, “This acquisition is a strategic move on our part that extends our manufacturing capacity and our global footprint. It demonstrates that we are focused on maintaining and developing our position as a leader of the lifting industry, delivering maximum value to our customers.”

The company has also announced plans for a new Manitowoc Crane Care facility in the region to provide customers with the “highest levels of service.”

Concerning the acquisition, TR Badarinarayan, Shirke CEO, said the timing was perfect. “We have been selling tower cranes in India for well over 30 years and know the market better than anyone. The economic growth over the past few years represents the start of a new era in India's construction history. Our incorporation into the Manitowoc Crane Group will allow us to continue to serve the market from a position of strength.”

Shirke has been involved in the construction industry since the 1940s, setting its sights on tower cranes during the 1970s. The company confirmed its managers would continue in their current roles, along with the rest of its employees.

Latest News
Trendlines: Prolonged trough for China may be felt far and wide
Chinese equipment industry is in midst of another painful, prolonged trough but implications could be felt much further
Navigating sustainability in the equipment rental industry
ERA handbook offers insights into sustainability challenges
Hochtief subsidiary wins second Melbourne Airport construction package
CPB, part of Hochtief-owned CIMIC Group, has won a second construction package for work at Melbourne Airport