Chairman and CEO Terry D. Growcock, announcing the results, said “Product demand remains strong in all regions and across all product categories. The $1bn backlog milestone confirms that our customers see long-term demand for technologically advanced lifting equipment. We are minimising the impact on lead times by streamlining manufacturing operations, using best in class sourcing programs to maintain supply chain integrity, and ramping up production in our new Chinese manufacturing facility.”
The company is also spending $20.15m on the renovation and upgrade of its Shady Grove crane manufacturing site. The three year project, backed by $600,000 from the state of Pennsylvania, will create more than 240 new jobs, and increase capacity at the site.
