The Manitowoc Company, Inc. (NYSE: MTW) announced today that on
December 11, 2017, the Honorable William Griesbach of the U.S.
District Court for the Eastern District of Wisconsin (“Judge
Griesbach”) ruled in its favor in its trade secrets
misappropriation lawsuit against Sany Heavy Industries and Sany
America (collectively “Sany”) regarding Manitowoc’s Variable
Position Counterweight (VPC) technology.
Judge Griesbach ruled on Summary Judgment that Sany was liable
for trade secret misappropriation under Wisconsin Law. His ruling
was based upon previous findings by the International Trade
Commission (“ITC”) and the Court of Appeals for the Federal Circuit
(“CAFC”).
“Manitowoc is very pleased with the U.S. District Court’s ruling
that reaffirms previous rulings in our favor. Innovation is one of
Manitowoc’s engines that drives growth and our competitive
advantage in the crane industry. We have and will continue to
vigorously protect our proprietary intellectual property to create
value for our customers, shareholders and employees,” commented
Barry L Pennypacker, President and Chief Executive Officer of The
Manitowoc Company, Inc.
Previously, the ITC ruled in a Final Determination in April,
2015 that Sany misappropriated multiple trade secrets of Manitowoc
in connection with its SCC8500 crane. The ITC issued an Exclusion
Order as well as a Cease and Desist Order that prevented Sany from
importing the SCC8500 for ten years. These findings were affirmed
by the CAFC in October, 2016 without opinion. After the conclusion
of the ITC proceeding, Manitowoc was permitted to pursue an action
in United States District Court seeking damages and injunctive
relief for Sany’s misappropriation of Manitowoc’s trade
secrets.
As a result of this decision, Sany is both precluded from
challenging the protectability of Manitowoc’s trade secrets and is
liable for trade secret misappropriation under Wisconsin state
law.
The case is scheduled for trial in 2019.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global
manufacturer of cranes and lift solutions with manufacturing,
distribution, and service facilities in 20 countries. Manitowoc is
recognized as one of the premier innovators and providers of
crawler cranes, tower cranes, and mobile cranes for the heavy
construction industry, which are complemented by a slate of
industry-leading aftermarket product support services. In 2016,
Manitowoc’s revenues totaled $1.6 billion, with over half of these
revenues generated outside the United States.
Forward-looking Statements
This press release includes "forward-looking statements"
intended to qualify for the safe harbor from liability under the
Private Securities Litigation Reform Act of 1995. Any statements
contained in this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based on the current expectations of the management of the Company
and are subject to uncertainty and changes in circumstances.
Forward-looking statements include, without limitation, statements
typically containing words such as "intends,” "expects,"
"anticipates," "targets," "estimates," and words of similar import.
By their nature, forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. Factors
that could cause actual results and developments to differ
materially include, among others:
• unanticipated changes in revenues, margins, costs, and capital
expenditures;
• the ability to significantly improve profitability;
• potential delays or failures to implement specific initiatives
within the restructuring program;
• issues relating to the ability to timely and effectively
execute on manufacturing strategies, including issues relating to
plant closings, new plant start-ups, and/or consolidations of
existing facilities and operations, and its ability to achieve the
expected benefits from such actions, as well as general
efficiencies and capacity utilization of our facilities;
• the ability to direct resources to those areas that will
deliver the highest returns;
• uncertainties associated with new product introductions, the
successful development and market acceptance of new and innovative
products that drive growth;
• the ability to focus on the customer, new technologies, and
innovation;
• the ability to focus and capitalize on product quality and
reliability;
• the ability to increase operational efficiencies across
Manitowoc’s business segment and to capitalize on those
efficiencies;
• the ability to capitalize on key strategic opportunities and
the ability to implement Manitowoc’s long- term initiatives;
• the ability to generate cash and manage working capital
consistent with Manitowoc’s stated goals;
• the ability to convert order and order activity into sales and
the timing of those sales;
• pressure of financing leverage;
• foreign currency fluctuations and their impact on reported
results and hedges in place with Manitowoc;
• changes in raw material and commodity prices;
• unexpected issues associated with the quality and availability
of materials and components sourced from first parties and the
resolution of those issues;
• unexpected issues associated with the availability, operations
and viability of suppliers;
• the risks associated with growth and contraction;
• geographic factors and political and economic conditions and
risks;
• actions of competitors;
• changes in economic or industry conditions generally or in the
markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in
global demand for high-capacity lifting equipment; changes in
demand for lifting equipment in emerging economies, and changes in
demand for used lifting equipment;
• global expansion of customers;
• the replacement cycle of technologically obsolete cranes;
• the ability of Manitowoc's customers to receive financing;
• issues related to workforce reductions and subsequent
rehiring;
• work stoppages, labor negotiations, labor rates, and temporary
labor costs;
• government approval and funding of projects and the effect of
government-related issues or developments;
• the ability to complete and appropriately integrate
restructurings, consolidations, acquisitions, divestitures,
strategic alliances, joint ventures, and other strategic
alternatives;
• realization of anticipated earnings enhancements, cost
savings, strategic options and other synergies, and the anticipated
timing to realize those savings, synergies, and options;
• impairment of goodwill and/or intangible assets;
• unanticipated issues affecting the effective tax rate for the
year;
• unanticipated changes in the capital and financial
markets;
• risks related to actions of activist shareholders;
• changes in laws throughout the world;
• natural disasters and other weather events disrupting commerce
in one or more regions of the world;
• risks associated with data security and technological systems
and protections;
• acts of terrorism; and
• risks and other factors cited in Manitowoc's 2016 Annual
Report on Form 10-K and its other filings with the United States
Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak
as of the date on which they are made. Information on the potential
factors that could affect the Company's actual results of
operations is included in its filings with the Securities and
Exchange Commission, including but not limited to its Annual Report
on Form 10-K for the fiscal year ended December 31, 2016.
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version on businesswire.com: http://www.businesswire.com/news/home/20171219006311/en/
The Manitowoc Company, Inc.Ion WarnerVice President Marketing
& Investor Relations+1 717-593-5266
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