Manitowoc Company acquires partner in India
The Manitowoc Company Inc. announced that it has acquired Shirke Construction Equipments Pvt. Ltd., which is based in Pune, India.
Shirke is a market leader in the Indian tower crane industry and has been Potain’s Indian manufacturing partner and distributor since 1982. Financial terms of the transaction were not disclosed.
“This transaction solidifies Manitowoc’s position in one of the world’s fastest-growing construction markets,” said Glen Tellock, president and chief executive officer of The Manitowoc Company. “By acquiring Shirke, Manitowoc furthers its mission of bringing manufacturing and service closer to the customer. With growing demand for infrastructure and industrial expansion projects, India is an excellent addition to our manufacturing base.”
M&I to sell Tulsa branches
Marshall & Ilsley Corp. announced it has reached a definitive agreement to sell its three Tulsa, Okla., branches to Arvest Bank.
The transaction is expected to close in the fourth quarter of this year, pending regulatory approval. Financial terms of the transaction were not disclosed.
Arvest Bank has locations in Oklahoma, Arkansas, Kansas and Missouri.
“While the Tulsa market is strong, we intend to focus our capital and expansion plans on other markets,” said Greg Smith, senior vice president and chief financial officer of Milwaukee-based Marshall & Ilsley, the parent company of M&I Bank.