International Dredging Review

International Dredging Review
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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.