Manitowoc Acquires Marinette

The Manitowoc Company, Inc. has finalized its previously announced agreement to purchase Marinette Marine Corporation. Marinette was acquired for approximately $48 million in an all-cash transaction financed through Manitowoc's existing credit facility. Located in Marinette, Wisconsin, just across Green Bay from Manitowoc's Bay Shipbuilding facility, Marinette Marine operates one of the largest shipyards on the U.S. Great Lakes. The acquisition is expected to add 10 cents to Manitowoc's 2001 earnings.

"We are delighted that Marinette Marine is now part of The Manitowoc Company and we want to welcome their employees and families to our family," stated Terry D. Growcock, Manitowoc's president and chief executive officer. "Our two organizations share a common bond in that each has played a pivotal role in the maritime history of the Great Lakes region. Marinette Marine has a well-deserved reputation for manufacturing the highest-quality vessels using the industry's most innovative and efficient ship construction technologies. We look forward to their contributions to our Marine Group as we move forward together as one of the leading shipbuilding and repair organizations in the entire United States."

In addition, the company announced that Marinette secured a contract worth $84.5 million from the U.S. Coast Guard for the construction of three 225-ft. Juniper Class (WLB) sea-going buoy tenders. These three cutters are part of a $309-million contract awarded in September 1998, which contains options for an additional two vessels, yet to be awarded.

Throughout its 57-year history, Marinette Marine has constructed more than 1,300 ships, including landing craft, barracks barges, workboats, tugs, launching craft, and mine countermeasure vessels for the U.S. Navy, as well as harbor tugs, ferries, and research vessels for commercial customers. Marinette Marine's 800-person workforce is currently constructing 225-ft.Juniper Class (WLB) seagoing buoy tenders and recently delivered the fourteenth and final 175-ft. Keeper Class (WLM) coastal buoy tender for the U.S. Coast Guard, under a contract awarded in 1993. Marinette Marine is also currently in the final stages of delivering two "hotel" barges to the U.S. Navy.