The Manitowoc Company Inc (MTW) is “situated quite well,” said Glen E. Tellock, Chairman/CEO of the Manitowoc Company, and will start to “go on the offensive” in the coming months after “being on the defensive” for some time. He was speaking at Baird’s 2014 Industrial Conference, held at the Four Seasons Hotel in Chicago.
The Wisconsin-based Manitowoc has two business platforms — food service, which accounts for 38% of sales, and cranes, which is 62% of sales. It does 56% of its business in North America, with Europe accounting for 23% and the Asia Pacific region at 12%.
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Although acknowledging that “you don’t see a lot of growth in the crane business and some stubbed growth on the food side,” Tellock said Manitowoc is focused on improving its margins through operational tweaks, and is positioning itself to “leverage the upside in the opportunities we may have.”
The company’s number one priority is “paying down debt,” but Tellock also said, “We will invest in the business.”
Manitowoc is under construction for a multipurpose food service plant in Monterrey, Mexico, consolidating its beverage facilities in Tijuana, Mexico, and consolidating its oven business in Cleveland, Ohio, among other maneuvers. Tellock said the company “has some egg on its face” with regard to declines in forecasted financial guidance for its cranes business. He said geopolitical uncertainty has made customers “nervous to punch that ticket and buy something new” in the cranes business, but noted that customers continue to rent their equipment.
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