Manitowoc Applauds 232 Investigation of Mobile Crane Imports
May 07 2020 - 9:22AM
Business Wire
U.S. Dept. of Commerce Initiated Investigation
to Address Import Surge
The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or
“Manitowoc”) today issued the following statement in response to
the announcement by the United States Department of Commerce that
the agency will initiate a 232 investigation of mobile crane
imports. The Commerce Department’s investigation is in response to
a petition Manitowoc filed in December.
“Manitowoc filed this petition to urge the Department of
Commerce to investigate a recent surge of mobile crane imports that
threatens domestic manufacturers,” Manitowoc President and Chief
Executive Officer Barry L. Pennypacker said. “These imports
jeopardize the domestic industry’s ability to supply cranes to the
U.S. military and support critical infrastructure, thereby
undermining the national security of the United States. We are
confident this investigation will demonstrate the urgent need for
the President to provide immediate and meaningful relief for
Manitowoc. This petition is about protecting our American workforce
and preserving our longstanding commitments to the U.S.
military.”
Since 2014, mobile crane imports to the U.S. have jumped by 152
percent and captured significant U.S. market share. Without import
relief, the U.S military and military contractors would become
largely dependent on foreign producers of mobile cranes. Section
232 of the Trade Expansion Act of 1962 gives the Department of
Commerce authority to initiate investigations to determine the
effects of imports on the national security. The investigation will
determine “whether the importation of the article in question is in
such quantities or under such circumstances as to threaten to
impair the national security.”
- Manitowoc is the largest U.S. mobile crane manufacturer and a
critical partner with the U.S. military.
- Manitowoc employs approximately 1,400 employees in the United
States, mostly at its facility in Shady Grove, Pennsylvania, where
the company manufactures mobile cranes it sells in the U.S.
- Manitowoc has been supplying mobile cranes to all branches of
the U.S. military since 1961, producing 100 percent of the
military’s all-terrain cranes and about two-thirds of its rough
terrain cranes.
- Manitowoc’s mobile cranes are integral to the construction and
repair of America’s infrastructure, playing a vital role at nuclear
plants, dams, roads, bridges and in the energy and
telecommunications sectors.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. (“Manitowoc”) was founded in 1902
and has over a 117-year tradition of providing high-quality,
customer-focused products and support services to its markets, and
its 2019 net sales were approximately $1.83 billion. Manitowoc is
one of the world's leading providers of engineered lifting
solutions. Manitowoc, through its wholly-owned subsidiaries,
designs, manufactures, markets, and supports comprehensive product
lines of mobile telescopic cranes, tower cranes, lattice-boom
crawler cranes, and boom trucks under the Grove, Manitowoc,
National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand
names.
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Ion Warner VP, Marketing and Investor Relations +1
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