UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 

FORM 8-K
Current Report

 Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

 Date of Report:   July 30, 2002
 (Date of earliest event reported)

The Manitowoc Company, Inc.
 (Exact name of registrant as specified in its charter)

Wisconsin	1-11978	39-0448110	
(State or other jurisdiction
of incorporation)	(Commission File Number)	(I.R.S. Employer
Identification Number)	

500 S. 16th Street, Manitowoc, Wisconsin 54221-0066	
(Address of principal executive offices including zip code)	

 (920) 684-4410
 (Registrant's telephone number, including area code)

 
Item 5. Other Events

 On July 29, 2002, The Manitowoc Company, Inc. issued a press release announcing it reached an agreement with the U.S. Department of Justice Concerning the acquisition of Grove Investors, Inc. The press release is included as exhibit 20 of this report. The reader is referred to this exhibit for more information.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 	THE MANITOWOC COMPANY, INC.	
 	(Registrant)	

DATE:  July 30, 2002	 /s/ Carl J. Laurino                                                  	
 	Carl J. Laurino	
 	Treasurer and Interim Chief Financial Officer	

 

THE MANITOWOC COMPANY, INC.

 EXHIBIT INDEX

TO

FORM 8-K CURRENT REPORT

 Dated as of July 30, 2002

Exhibit No.          	 	
Description                                                            	 	Filed Herewith	
 	 	 	 	 	
20	 	Press Release dated July 29, 2002, regarding the
Agreement reached with the U.S. Department of
Justice concerning the acquisition of Grove
Investors, Inc.	 	X	

 

NEWS for Immediate Release

MANITOWOC REACHES AGREEMENT
WITH U.S. DEPARTMENT OF JUSTICE CONCERNING
ACQUISITION OF GROVE INVESTORS, INC.

MANITOWOC, WI - July 29, 2002 - As a result of an agreement reached with the U.S. Department of Justice, The Manitowoc Company, Inc. (NYSE:MTW) and Grove Investors, Inc. have agreed to sell one of their boom-truck businesses as a condition to complete the previously announced acquisition of Grove. Manitowoc announced its intent to acquire Grove on March 18, 2002, subject to shareholder and regulatory approvals.
Pursuant to the agreement with the Department of Justice, Manitowoc must divest one of the boom-truck businesses (either Manitowoc Boom Trucks or National Crane) to ensure adequate competition in the boom-truck market after it completes its acquisition of Grove. Based on a preliminary analysis, Manitowoc intends to pursue the disposition of Manitowoc Boom Trucks, Inc., its boom-truck operation based in Georgetown, Texas.

On a pro forma basis, the boom-truck sale represents less than 4 percent of Manitowoc's consolidated revenue and earnings.
"After considerable effort by both Manitowoc and Grove to negotiate another outcome, we saw no other way to meet regulatory requirements without entering into costly litigation that would not serve the best interests of our shareholders, customers, and employees," said Terry D. Growcock, Manitowoc's president and chief executive officer. "However, we believe the resulting Grove acquisition will benefit our company and the crane industry long-term."
Glen E. Tellock, president of Manitowoc Crane Group, added: "On a positive note for the employees, distributors, and customers of Manitowoc Boom Trucks, the Department of Justice also stipulated that the sale be made to a buyer who will keep the business as a viable competitor after the sale. In the interim, we will continue to design, manufacture, and deliver the highest-quality products and services throughout the sale process."

MANITOWOC REACHES AGREEMENT
WITH U.S. DEPARTMENT OF JUSTICE CONCERNING
ACQUISITION OF GROVE INVESTORS, INC. / 2
 
About Grove Worldwide
Grove Worldwide, a wholly owned subsidiary of Grove Investors, Inc., is a leading provider of mobile hydraulic cranes, truck-mounted cranes, and aerial work platforms for the global market. The company's products are used in a wide variety of applications by commercial and residential building contractors as well as by industrial, municipal, and military end users. Grove's products are marketed to independent equipment rental companies and directly to end users under the brand names of Grove Crane, Grove Manlift, and National Crane. Grove products are sold in more than 50 countries.
About The Manitowoc Company
The Manitowoc Company is a leading producer of lattice-boom cranes, tower cranes, boom trucks, and related products for the construction industry. It is also a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment for the foodservice industry, and is the leading provider of ship repair, conversion, and new-construction services for the Great Lakes maritime industry.
Company contact:
 Maurice D. Jones
Vice President, Secretary & General Counsel
920-683-8166