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The Manitowoc Company, Inc. Message Board

  • pumpjack33469 pumpjack33469 Dec 12, 2002 7:25 PM Flag

    Manitowoc's bottomline gets spanked

    by the high cost of interest expense (Potain 10 3/8% note due 2011 and Grove 10 1/2% note due 2012). However, a diversified product line and the prospect of global sales do come with a cost. Nine acquistions in three years has left rough terrain forklift operator Terry Growcock with an upset stomach. Comments Growcock: "This is a fine mess I've gotten us into, but burger, this isn't your Grandfather's company!" Grove Investors Inc. then whispered into Glen Tellock's ear an offer he couldn't refuse - "Take our debt at any cost!" So Manitowoc gets Grove for $175 million and 2 million company shares. Not bad, but than again, not good during a capital goods recession. And Potain - so tell me about goodwill and other intangible assets, please! Not so good, but the leading designer of tower cranes, and its equipment sales access to Europe and the Far East also comes with a cost. All of which makes the price for Marinette Marine and its ship building capabilities a real buy. So, Vicon, two bucks a share earnings for 2002 is not so good. And, as you state in your post, employee morale at this time of industry cuts in capital spending is not so good. But the stock price is good and I am buying. Wish I had sold more in May, but hey, Santa Claus is coming to town!

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    • At one time, MTW was as good as gold. It still may be @ some circles. But 4 me, I'm Not happy with the present Management.
      I live in Manitowoc,,I hear employees talk,,I see what's going on & I see what is & isn't being shipped out. I feel Very uncomfortable @ what's going on,,,who is running what & how they got their jobs. The days of what u know/knew is gone. Now it's who u know ..
      That is not the way the Company has been run in the past. Granted things change.
      But to put people in charge of areas they know "nothing" about scares me. They can be "fooled" into making the wrong decisions @ the right time.
      Another thing that bothers me is when the board is more interested in "taking advantage" of certain situations & not doing their utmost to push the company/s forward.

      I've growin up with the MTW company,,used the stock for collateral on my many purchases. Trusted their wisdom. But that was when the company had people who also were concerned on It's "Bottom Line" . Now it appears that many are concerned about "Their bottom line" and the company is secondary.

      I personaly am waiting for the stock to improve it's position & than I'm going to rid myself of many of my shares. I'll put the money aside & wait to see what transpires. When & if I feel comfortable,, I'll buy back in.

      That's my .02 cents worth

18.65-0.56(-2.92%)Oct 22 4:00 PMEDT

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