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 divestiture was a cash transaction and the sale price was not disclosed.
Femco, based in Punxsutawney, Pennsylvania in the USA, 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.
