Manitowoc has sold its Femco Machine Company crane repair business to a group of private investors led by Femco management and employees.
The sale includes substantially all of Femco’s assets. The buyers paid cash and the sale price was not disclosed.
Femco, based in Punxsutawney, Pennsylvania, is a provider of aftermarket replacement parts for cranes and excavators, plus industrial repair and rebuilding services.
Manitowoc chairman and chief executive officer Terry Growcock said: ‘As our Crane segment expanded significantly in the past two years, we found that Femco was outside the core focus of the segment going forward. As a result, we chose to divest it.’
Femco was founded in 1965 and was acquired by Manitowoc in 1994. In addition to its Pennsylvania location, Femco also has a machine shop and rebuilding centre in Pompano Beach, Florida.
