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Manitowoc Acquires Grove

The Manitowoc Company, Inc. has completed acquisition of Grove Investors, Inc. The final purchase price was $271 million, funded by a combination of cash to be paid at a later date, a private offering of senior subordinated notes due 2012, and Manitowoc common stock.

Grove Worldwide, which provides mobile hydraulic cranes, truck-mounted cranes and aerial work platforms, will become part of Manitowoc’s Crane segment, expanding Manitowoc’s line of lattice-boom crawler cranes and tower cranes. The combination makes Manitowoc a leader in all three major crane categories: crawler cranes, tower cranes and mobile hydraulic cranes.

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