With news from Manitowoc Crane and Gehl Co.
Manitowoc Cranes to expand in Wisconsin
Manitowoc Cranes plans to invest $25 million to expand its plants in Manitowoc and Port Washington. The company expects the expansions to create 157 new jobs. Wisconsin Gov. Jim Doyle announced the state is providing $1.02 million in Enterprise Development Zone tax credits to assist with the expansions.
"Manitowoc Cranes is exactly the kind of company we are excited to have here in Wisconsin," Doyle said. "Their commitment to developing unique, high-performance products help drive the future of this state."
The company manufactures cranes, refrigeration and marine equipment. The firm said expansions are needed to keep up with the growing worldwide demands for its products.
Doyle said his Next Generation of Manufacturing plan targets $85 million in tax credits to leverage $1.6 billion in private capital investment, creating 5,000 new jobs and training more than 4,000 workers for the manufacturing jobs of tomorrow.
For more information on the Department of Commerce programs and services, contact the area development manager at http://commerce.wi.gov/BD/BD-AreaDevManagers.html.
Gehl Company to be acquired by French firm
Gehl Company announced last week that it will be acquired for $30 per share by its largest shareholder, Manitou BF S.A., a manufacturer and distributor of material handling equipment headquartered in France. The transaction, with an aggregate enterprise value of approximately $450 million, will be executed through a tender offer for all outstanding shares of Gehl by a Manitou subsidiary, Tenedor Corp., followed by a second step, cash-out merger. Gehl Company expects that its current management team will be retained after the transaction.
William Gehl, chairman and chief executive officer of the company, said, "We are pleased to announce the next step in the evolution of Gehl Company toward becoming a more significant player in the global compact equipment marketplace. The combination of Gehl Company and Manitou offers a substantial value to our shareholders today while affording our dealers and employees with future opportunities for continued success."
Manitou currently owns approximately 14.40 percent of Gehl Company’s outstanding stock.
Gehl Company is a manufacturer of compact equipment used worldwide in construction and agricultural markets. Founded in 1859, Gehl Company markets its products under the Gehl and Mustang brand names.
Gehl Company’s stock is traded on the Nasdaq Stock Exchange. Its acquisition by a French firm means Wisconsin will lose another home-based publicly traded company.