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: September 22, 1998
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(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 So. 16th Street, Manitowoc, WI 54220
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (920-684-4410)
(Former name or former address, if changed since last report)
Item 5. Other Events
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On September 22, 1998, The Manitowoc Company, Inc. (the "Company") issued a
press release announcing it had signed an agreement to purchase the assets of
USTC, Inc., a wholly owned subsidiary of UK-based Powerscreen International
PLC.
Located in York, Pennsylvania, USTC builds three proprietary product lines,
including boom trucks, rough terrain forklifts, and other types of material-
handling equipment. USTC was formed in 1996 when Powerscreen purchased the
boom truck product line formerly built by JLG. Presently, the USTC product
line includes nine models of boom trucks offering capacities from 10 to
32 tons and tip heights to 170 feet. USTC has approximately 200 employees and
had consolidated sales exceeding $30 million for its fiscal year ending
March 31, 1998.
The Company plans to finance the purchase with a combination of short- and
long-term debt. The estimated price includes cash in the mid-$40 million
range plus the assumption of trade debt. Closing is contingent upon government
approval and approval by Powerscreen's shareholders. The transaction is
anticipated to close in late October to early November.
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: September 30, 1998
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 September 22, 1998
Exhibit Filed
No. Description Herewith
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20 Press Release dated X
September 22, 1998, announcing
the agreement to purchase
the assets of USTC, Inc.
2 Purchase and Sales Agreement, X
dated as of September 21, 1998,
for the acquisition of USTC, Inc.
by The Manitowoc Company, Inc.