SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: February 19, 1997
(Date of earliest event reported)
THE MANITOWOC COMPANY, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 1-11978 39-0448110
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
500 South 16th Street, Manitowoc, WI 54220
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (414-684-4410)
Item 5. Other Events
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On February 19, 1997, the Board of Directors of The Manitowoc Company,
Inc. (MTW) decided to discontinue its common stock repurchase program,
effective immediately.
Under various board-approved programs over the last four and one-half
years, MTW has repurchased a total of 4.0 million shares (adjusted for
the 3-for-2 stock split effective July 2, 1996) of its common stock at
a total investment of $71.7 million.
The press release issued by the company describing the rescission of
the repurchase program is incorporated herein by reference to Exhibit
20 of this report, to which the reader is referred for more
information.
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
See the Exhibit Index following the Signature page of
this Report, which is incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
DATE: March 3, 1996 THE MANITOWOC COMPANY, INC.
(Registrant)
By: /s/ Robert R. Friedl
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Robert R. Friedl,
Senior Vice President and
Chief Financial Officer
THE MANITOWOC COMPANY, INC.
EXHIBIT INDEX
TO
FORM 8-K CURRENT REPORT
Dated February 19, 1997
Incorporated
Herein
Exhibit By Reference Filed
No. Description To Herewith
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20 Press Release dated February X
20, 1997 regarding rescission
of the common stock repurchase
program.
THE MANITOWOC COMPANY, INC.
NEWS For Immediate Release
THE MANITOWOC COMPANY DISCONTINUES
ITS COMMON STOCK REPURCHASE PROGRAM
MANITOWOC, Wisconsin, February 20, 1997 --- Under various board-
approved programs over the last four and one-half years, The Manitowoc
Company, Inc., (MTW) has repurchased a total of 4.0 million shares
(adjusted for the 3-for-2 stock split effective July 2, 1996) of its
common stock at a total investment of $71.7 million. The last
material repurchase under these authorizations was completed during
June, 1995.
At its regularly scheduled meeting held February 19, 1997,
Manitowoc's Board of Directors decided to discontinue this stock
repurchase program, effective immediately. Fred M. Butler, president
and chief executive officer, explained, "We would like to position
ourselves to make another acquisition should we find the right fit.
Using cash to buy our shares would be counterproductive to this
strategy. Among other factors, such repurchases would reduce available
cash that could help finance such an acquisition and/or adversely
affect favorable accounting treatments that could be used with respect
to such an acquisition. This is especially true given the SEC's
recent clarification under Staff Accounting Bulletin No. 96 regarding
stock repurchases following a pooling of interests transaction. As a
result, our Directors have voted unanimously to discontinue further
purchases and to rescind the repurchase program."
The Manitowoc Company, Inc. is a leading manufacturer of ice-cube
machines, ice-cube dispensers, and commercial refrigeration equipment
for the foodservice industry; is a leading producer of lattice-boom
cranes, boom trucks and related products for the construction
industry; and also specializes in ship-repair and service work for
vessels operating on the Great Lakes.
Company Contact:
Phil Keener
Treasurer
414-683-8133
