Last updated on May 15th, 2019 at 04:53 pm
The Manitowoc Company Inc. will move its corporate headquarters from Manitowoc to a 16,000-square-foot space in the One Park Plaza office building at 11270 W. Park Place on Milwaukee’s far northwest side, the company announced Monday.
The designer and maker of mobile telescopic, tower and lattice-boom crawler cranes and boom trucks is leasing the space and has already started to transition employees. The company, which sells under the Manitowoc, Grove, Potain and National Crane brand names, expects to be done with the move by the end of the first quarter, pending the completion of renovations.
“Manitowoc’s origin as a Wisconsin-based manufacturer dates to 1902. The state has an impressive roster of global manufacturing businesses with a top-level talent pool, and we are excited about the move of our corporate headquarters. We believe this location will strategically create easier accessibility for our customers, shareholders and employees,” said Barry Pennypacker, The Manitowoc Company president and chief executive officer.
The company is also going to sell its former headquarters at 2400 S. 44th St. in Manitowoc to Investors Community Bank for an undisclosed price. The property is assessed at almost $4.7 million, according to Manitowoc County records. The sale to the Manitowoc-based bank is expected to close by the end of the first quarter.
Less than 50 positions will be moving from Manitowoc to Milwaukee, according to Ion Warner, Manitowoc vice president of marketing and investor relations. The company will continue to have some engineering and corporate functions in Manitowoc. Warner declined to say how many positions would remain in the city but said they would be moving out of the current headquarters facility.
In 2016, Manitowoc announced it would be closing its manufacturing operations in Manitowoc, eliminating 528 positions. Work from the facility moved to operations in Shady Grove, Pennsylvania.
The company’s revenue has declined over the last few years, from $2.3 billion in 2014 to $1.6 billion in 2016. Revenue was down 11 percent through the first three quarters of 2017, but the company had narrowed its net loss from $342.4 million to $25.9 million.
The company ranked 658th on the Fortune 1000 list in 2016, but last year dropped off of the list.
Its stock is traded on the New York Stock Exchange under the ticker symbol MTW.