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Manitowoc Targets $1B Aftermarket Sales to Offset Volatile Crane Cycle

The Manitowoc Company logoThe Manitowoc Company
Sig3.45Sen+3.35Env0.00Soc+1.15Gov+1.05

Manitowoc is shifting toward aftermarket products to reduce exposure to the volatile new-crane cycle. CEO Aaron Ravenscroft said the company has removed $150M in costs and grown aftermarket sales to over $700M from about $375M six years ago, aiming for $1B. With aging crane fleets worldwide, Manitowoc is expanding its branch network and adding 200 field-service technicians, while limiting production schedules to about 12 months.

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