Manitowoc closes on shipyards sale

Manitowoc Co. said last week it has completed the sale of its marine division to Italian shipbuilder Fincantieri-Cantieri Navali Italiani SpA.

   The net purchase price in the all-cash deal was about $120 million.

   In 2007, the marine segment had sales of $321 million and operating earnings of $26 million. The transaction is expected to generate a 2008 per-share, after-tax gain of about 60 cents.

   Manitowoc Marine Group is a full-service shipbuilding, repair and conversion operation with facilities in Cleveland, and Sturgeon Bay and Marinette, Wis.

   Over the years, Manitowoc has built a variety ships for the U.S. Navy, Coast Guard and commercial customers. Recent vessels have included articulated tug-barges for hauling oil, dredges, Staten Island ferries for New York City, Coast Guard icebreakers, and a so-called littoral combat ship for the Navy.

   Manitowoc operates more than 60 percent of the U.S. dry docks serving the Great Lakes, including two of the three largest graving docks.

Source: American Shipper