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News Release
July 20, 2007
Manitowoc acquires Shirke tower crane business
The Manitowoc Company, Inc. has acquired Shirke Construction Equipments Pvt.
Ltd. Shirke is headquartered in Pune, India, and manufactures Potain tower
cranes under license. It is also the Potain distributor for India, Sri Lanka,
Nepal, Bangladesh, and Bhutan.
The newly acquired business will operate in the future as Potain India Pvt.
Ltd. and will continue to manufacture tower cranes under the Potain name.
Eric Etchart, president of Manitowoc Crane Group, said the Shirke
acquisition was an excellent fit for the company.
“The Shirke acquisition fits with MCG’s policy of providing industry leading
customer service through strong local representation,” he said. “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 acquisition gives Manitowoc Crane Group a strong presence in the
fast-growing Indian market. The company has also announced plans for a new
Manitowoc Crane CARE facility to ensure its customers in the region receive the
very highest levels of service.
T. R. Badarinarayan, chief executive officer of Shirke Construction
Equipments Pvt. Ltd., said the timing of the MCG acquisition was perfect.
“We have been selling tower cranes in India for well over 30 years and know
the market better than anyone,” he said. “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 in the construction industry since the 1940’s. Since the
1970’s it has focused on tower cranes. The employees and management of Shirke
will continue in their current roles.
Etchart said the Shirke acquisition strengthens MCG as a global entity.
“This acquisition is a strategic move on our part that extends our
manufacturing capacity and our global footprint,” he said. “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.”
About The Manitowoc Company
The Manitowoc Company, Inc. is one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes,tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment for the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.
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