More rises at Manitowoc

Manitowoc’s crane segment saw net sales increase by 30% in the first quarter of 2008, to US$884.4 million, compared to the first quarter of 2007. Operating earnings for the same period increased 40% to $134.6 million, from $96.2 million, in the same period last year.

“Global demand for innovative, high-capacity lift equipment continues to be very strong. Manitowoc Cranes has the world’s most complete line of heavy-lift equipment, and we expanded our leadership position with the introduction of the Model 31000 at ConExpo in March,” commented Glen Tellock, Manitowoc president.

The 31000 crawler crane, in development, will have a lifting capacity of more than 2,500 US tons (2,232 tonnes), more than 2.5 times greater than the manufacturer’s current highest-capacity model. Two Model 31000s had been sold (see IC May 2007 News) by press time (late April).

“During the quarter we also expanded our ability to serve the growing truck crane market in Asia. We have acquired a joint venture interest in TaiAn Dongyue Heavy Machinery Co Ltd, a major player in the Chinese mobile hydraulic crane industry. China is by far the world’s largest market for truck cranes, and we’ll leverage our existing technology in that category with our established Chinese partner to take part in this growing market,” Tellock continued.

Manitowoc’s crane backlog totalled $3.3 billion as of 31 March, up 72% from the same time 2007. Backlog growth was driven by increased customer bookings in all geographic markets and in nearly all product categories, explained the company.
“Growth was particularly strong in Europe and the Middle East, where our high-capacity lifting equipment supports high-growth energy and infrastructure projects.”