Manitowoc has put its boom truck division up for sale after reaching an agreement with the US Department of Justice (DoJ) over its acquisition of Grove.
Manitowoc announced its intent to acquire Grove on 18 March, subject to shareholder and regulatory approvals. The agreement with the DoJ means that Manitowoc must sell either its own, or Grove’s market leading National Crane subsidiary. It chose its own – Manitowoc Boom Trucks, Inc.
The DoJ stipulated that the sale be made to a buyer that would keep the business as a viable competitor. Glen Tellock, president of Manitowoc Crane Group, said: ‘In the interim, we will continue to design, manufacture, and deliver the highest-quality products and services throughout the sale process.’
Bringing together the two boom truck businesses was always likely to generate concern over competition. Resolution of the issue meant that Manitowoc’s acquisition of Grove, was expected to close imminently at time of going to press.
