Manitowoc Initiates Restructuring Plan; Names Kenneth Krueger Interim CEO

(RTTNews) - The Manitowoc Company, Inc. (MTW) announced that, based on its results for the third quarter, the company is taking significant actions in both segments to right-size the business that will result in approximately $30 million of restructuring charges in the fourth quarter. The company expects these actions to generate savings of approximately $135 - $145 million over the next three years.

Manitowoc said the restructuring plan includes product line simplification, boosting productivity and facility efficiency, as well as right-sizing the organization. The initiatives include the company's recently announced intention to close Cleveland facility.

Separately, Manitowoc announced that it has named current Board member Kenneth Krueger as interim chairman, president and chief executive officer, effective immediately. The company also announced that Glen Tellock has resigned as Manitowoc's chairman, president and chief executive officer, and will step down from the Board of Directors, to pursue other opportunities.

Manitowoc said it remains on track with plans to separate its Cranes and Foodservice businesses, which is still anticipated to occur during the first quarter of 2016. The company's Board has initiated a search for a chief executive officer of Manitowoc Cranes. Hubertus Muehlhaeuser will remain the chief executive officer of Manitowoc Foodservice.

The Board of Manitowoc also declared a cash dividend of 8 cents per share of common stock, payable on December 10, 2015, to shareholders of record on November 27, 2015.