Manitowoc sold to Italian company

Manitowoc Co. Inc., a Wisconsin-based company that makes diverse products from cranes to food service equipment, said it had signed an agreement to sell it shipyard division to the Italian shipyard Fincantieri in a deal valued at $120 million.

Manitowoc Marine Group is a full-service shipbuilding, ship repair, and ship conversion organization that operates facilities in Sturgeon Bay and Marinette, Wis.; and Cleveland, Ohio.

Over the years, Manitowoc has built ships for the Navy, Coast Guard and commercial customers. Vessels constructed have ranged from articulated tug-barges for hauling oil, to dredges to Staten Island ferries for the City of New York. 

Source: American Shipper