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Business Update

3:34 PM, Aug. 3, 2013  |  Comments
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The Manitowoc Company reports 2Q sales growth

MANITOWOC The Manitowoc Company, Inc. (NYSE: MTW) has reported sales of $1.05 billion for the second quarter of 2013, an increase of 5 percent compared to sales of $997.2 million in the second quarter of 2012.

A news release stated the sales increase was primarily driven by a 7.6 percent increase in Crane segment sales.

"Our second-quarter results are a byproduct of our ongoing focus on and execution of our strategic initiatives that are expected to generate long-term growth and profitability," stated Glen E. Tellock, Manitowoc's chairman and CEO.

"While a level of caution remains around the broader economic environment, we continue to be confident in the opportunities that lie ahead," Tellock said. "Our recent conversations with both Crane and Foodservice customers remain positive, and continue to highlight the strength, reliability, and truly differentiated product offering that has come to define Manitowoc as a company."

Second-quarter 2013 net sales in the Crane segment were $656.9 million, driven primarily by continued growth in the Americas region related to the increased activity with crawler cranes and large rough-terrain cranes, as well as solid results from Manitowoc Crane Care, the release stated.

"Along with our second-quarter sales growth in the Cranes segment, we generated our highest operating margin since 2008, which is a testament to our improved operational efficiency and diligent management of our cost structure," Tellock stated.

Second-quarter 2013 net sales in the Foodservice segment were $389.7 million, up from $386.5 million in the second quarter of 2012. The increase was driven by sales of new products and growth in the Americas and EMEA regions.

The company stated a year-over-year margin decrease was due to increased investments in its manufacturing strategies and new products, which were partially offset by improved operating efficiencies.

"While the global foodservice market continues to exhibit pockets of softness, we see ongoing growth opportunities for the Foodservice business in the second half of 2013 as we aim to enhance our global leadership position," Tellock stated.

Bank First seeks to increase Green Bay visibility

MANITOWOC - Bank First National is looking to raise its profile - and its presence - in Green

Bay. It came to Green Bay 17 years ago, building its local loan portfolio to $100 million. But that pales in comparison to Sheboygan, where it made $275 million in loans in five years.

"The bad news is, people don't know who we are. The good news is, we haven't stubbed our toe," said President and CEO Michael Molepske.

Green Bay is a market the bank wants to do well in because its economy is stable in bad times and dynamic in good times. "There's not just banks here, but really healthy banks that are good business banks," he said. "It helps get things done that should be done."

The bank has offices at 2747 Manitowoc Road, Bellevue, and 2865 S. Ridge Road, Ashwaubenon.

"We have a good base to operate here," said Stephen Pasowicz, regional president in Green Bay. "We have to be a major player here."

The company has 172 full-time-equivalent employees systemwide and 14 in Brown County.

The Manitowoc-based bank, a subsidiary of First Manitowoc Bancorp Inc., has assets of $984 million, putting it on par in this market with Nicolet National Bank of Green Bay, Baylake Bank of Sturgeon Bay and Pioneer Credit Union of Ashwaubenon, when it completes its merger with Capital Credit Union of Kimberly next year.

The bank's loan business is heavily commercial/industrial and high-end retail. "We have a great deal of manufacturing in our portfolio, from Milwaukee to Green Bay," Pasowicz said.

In addition to internal growth, Bank First is on the lookout for possible acquisitions in adjacent markets, Molepske said. It's a route recently taken by Nicolet and Pioneer.

EDC to host risk management talk

MANITOWOC - The Economic Development Corp. of Manitowoc County will present "Let's Talk Business: Risk Management" from 5:30 to 6:30 p.m. Aug. 20 at the EDC office, 202 N. Eighth St., Suite 101. Mike Anderson of Ansay & Associates will present topics including risk avoidance, risk transfer, mitigation or prevention, and risk retention. There is no cost to attend but preregistration is required. To register, contact Melissa Franz at (920) 482-0540 or email Melissa@edcmc.org.

Workers comp seminar is Sept. 19

CLEVELAND - The Chamber Safety Council of Manitowoc County will host a Workers Compensation Symposium from 8 to 11:30 a.m. Sept. 19 at Lakeshore Technical College.

It will feature several speakers from various backgrounds presenting all sides of workers compensation cases.

Registration begins and a full breakfast will be available from 7:30 a.m. until 8 a.m. The cost for the event is $20 per person.

To register for this event, or for more information about the seminar, contact the Chamber, (920) 684-5575 or email Stacey@chambermanitowoccounty.org.

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