The Manitowoc Co., Inc. (MTW) said it signed a definitive purchase agreement to sell the stock of its Marine segment to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA.
The transaction is valued at $120 million is an all-cash deal and is anticipated to close at the end of 2008. Assuming a timely completion of this sale by year-end, the transaction is expected to generate a per-share, after-tax gain of approximately $0.60.
Manitowoc said it intends to use the proceeds for general corporate purposes, which include pay down of debt anticipated as a result of the pending acquisition of Enodis.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.