MILWAUKEE – (BUSINESS WIRE) – The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”), a leading global manufacturer of cranes and lifting solutions, announced today that it has entered into a definitive agreement to acquire the crane business from H&E Equipment Services , Inc. (“H&E”) (NASDAQ: HEES), one of the largest rental equipment companies in the United States. Under the terms of the agreement, Manitowoc is expected to have approximately 130 million hand and existing debt availability. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions and regulatory approvals.
The acquisition of H & E’s crane business will expand Manitowoc’s ability to provide rentals, new sales, used sales, parts and services to a wide variety of end-market customers. H & E’s crane business has eleven full-service branches.
“In the last few quarters we announced that we wanted to grow through four strategic priorities, including acquisitions with a focus on the aftermarket. The purchase of H & E’s crane business is the next step on our way to growing the less cyclical part of our business. H&E has a long history and reputation for the lifting industry and we look forward to welcoming the H&E crane team to Manitowoc, “said Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.
Brad Barber, Chief Executive Officer of H&E Equipment Services, Inc. said, “H&E has grown into one of the largest rental equipment companies in the US by continuing to grow. The sale of our crane business to Manitowoc marks a transformative event in H & E’s ongoing efforts to strengthen its focus on the equipment rental business while positioning ourselves for future growth opportunities. We believe that Manitowoc will offer our crane employees further career opportunities and will continue to provide first class service to existing crane customers. ”
Conference call for investors
The Manitowoc Company will host a conference call for securities analysts and institutional investors on Tuesday, July 20, 2021 at 10:00 a.m. ET (9:00 a.m. CT) to discuss the transaction. A live audio webcast of the conference call, as well as the accompanying presentation made in connection with this press release, is available on the Investor Relations section of the Manitowoc website at www.manitowoc.com. A recording of the conference call will also be available in the same location on the website.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. was founded in 1902 and has a 118-year history of providing high quality, customer-centric products and support services to its markets. Manitowoc is one of the world’s leading providers of technical lifting solutions. Manitowoc designs, manufactures, markets and supports, through its wholly owned subsidiaries, extensive lines of mobile telescopic cranes, lattice boom crawler cranes, boom trucks, tower cranes and industrial cranes under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brand names.
About H&E Equipment Services, Inc.
The company is one of the largest integrated equipment services companies in the United States with 105 full-service facilities in the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic, and Southeast regions. The company focuses on heavy construction and industrial equipment and rents, sells, and provides parts and service for four core categories of specialty equipment: (1) aerial platform or aerial platform equipment; (2) cranes; (3) earth moving equipment; and (4) material handling equipment. By providing equipment rental, sales, on-site spare parts, repair and maintenance functions under one roof, the company is a full-service provider for the various equipment needs of its customers. This full-service approach offers the company several customer contact points that enable it to maintain a high-quality rental fleet as well as an effective sales channel for fleet disposal and offers cross-selling opportunities between the sale of new and used equipment, rental and parts sales and service activities.
This press release contains “forward-looking statements” that are intended to qualify as a safe haven from liability under the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the Company’s management and are subject to uncertainties and changes in circumstances. Forward-looking statements include, without limitation, statements that typically contain words such as “intends,” “expects,” “expects,” “aims,” “estimates,” and words of similar meaning. Forward-looking statements by their nature are not guarantees of future performance or results and involve risks and uncertainties as they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause actual results and developments to differ materially include:
The negative impact COVID-19 has had and will have on Manitowoc’s business, financial condition, cash flows, results of operations and supply chain, and customer demand. (including future uncertain effects);
Actions of competitors;
Changes in economic or industry conditions in general or the markets Manitowoc serves;
unexpected changes in customer demand, including changes in global demand for high performance hoists, changes in hoist demand in emerging markets, and changes in demand for used hoists;
Changes in raw material and raw material prices;
geographic factors as well as political and economic conditions and risks;
the ability to complete and appropriately integrate acquisitions, divestments, strategic alliances, joint ventures or other significant transactions;
the ability to capitalize on key strategic opportunities and implement Manitowoc’s long-term initiatives;
government approval and funding of projects and the impact of government-related issues or developments;
unexpected changes in the capital and financial markets;
unexpected changes in revenues, margins and costs;
Risks and factors described in Manitowoc’s 2020 Annual Report on Form 10-K and its other SEC filings
Manitowoc assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements only apply at the time they are made. Information about the potential factors that could affect the company’s actual results of operations is included in its filings with the Securities and Exchange Commission, including, but not limited to, its Annual Report on Form 10-K for the fiscal year ended December 31, 2020.