Manitowoc(US:MTW)2023-02-24 12:32Sales and Growth Strategy - The Manitowoc Company aims to grow non-new machine sales by 50% to approximately $675 million by 2026 as part of its CRANES+50 strategy[18] - The Company has invested $30 million in capital expenditures to expand its tower crane rental fleet in Europe, enhancing aftermarket services[20] - The acquisition of Aspen Equipment and H&E Equipment Services has expanded Manitowoc's ability to provide new machine sales and aftermarket services in North America[23] - The Company continues to invest in its rental fleet to further expand aftermarket services, primarily in the United States and Europe[24] Product Development and Innovation - Seven new models of innovative topless tower cranes have been developed for the China Belt and Road market, reducing the product development cycle from 18-24 months to 12-14 months[21] - Ten new all-terrain cranes have been announced, featuring enhancements such as longer boom lengths and increased load capacity[22] - The company continues to focus on engineering, research, and development to create innovative products, with dedicated teams across three continents[48] - Manitowoc's lattice-boom crawler cranes are designed to provide higher lifting capacities and are used in heavy construction and energy-related projects[24] - The company has numerous patents globally, protecting its intellectual property and maintaining its competitive edge in engineered lifting solutions[47] Operational Efficiency and Manufacturing - Manitowoc operates three reportable segments: the Americas, Europe and Africa, and the Middle East and Asia Pacific[15] - The Company focuses on continuous improvement through The Manitowoc Way, which includes lean tools to enhance operational efficiency and product quality[16] - The company operates eleven manufacturing facilities globally, including remanufacturing facilities, utilizing advanced manufacturing and quality assurance processes[42] Supply Chain and Workforce - In 2022, the company faced supply chain, labor, and logistics constraints, particularly on electronic components and hydraulics, negatively impacting operations and cash flows[46] - The company employed approximately 4,800 people worldwide as of December 31, 2022, with the majority in the EURAF segment[51] - The company maintains long-term agreements with critical suppliers to mitigate risks related to raw material availability[45] Health, Safety, and Employee Development - The year-end Recordable Injury Rate (RIR) was 1.53, significantly lower than the industry average of 3.6, indicating strong health and safety performance[53] - The company provides extensive training programs for employees, including environmental health and safety and leadership development[55] - The company invests in employee development through various training programs, including environmental health and safety and Lean manufacturing methodologies[55] Diversity and Inclusion - The company launched its first women's resource group in 2022 as part of its commitment to diversity, equity, and inclusion[54] - The company has a strong commitment to diversity and inclusion, launching its first women's resource group in 2022[54] Aftermarket Services - Manitowoc's aftermarket services portfolio continues to expand, supporting its growth strategy in North America and Europe[24] - The company provides extensive aftermarket services, including parts sales, maintenance, and technical support, enhancing customer satisfaction[34]