RTTNews | Jul 20, 2021 07:44AM EDT

07:44 Tuesday, July 20, 2021 (RTTNews.com) - The Manitowoc Company, Inc. (MTW), a global manufacturer of cranes and lifting solutions, on Tuesday announced that it has entered into a definitive agreement to acquire the crane business of H&E Equipment Services, Inc. (HEES), a rental equipment company. Under the terms of the agreement, Manitowoc is expected to pay approximately $130 million, funded by a combination of cash on hand and existing debt availability.

The transaction is expected to close in the fourth quarter of 2021.

The acquisition of H&E's crane business is expected to expand Manitowoc's ability to provide rentals, new sales, used sales, aftermarket parts, and service to a variety of end market customers. H&E's crane business operates with eleven full-service branch locations.

Manitowoc which designs, manufactures, markets, and supports comprehensive product lines of mobile telescopic cranes, lattice-boom crawler cranes, boom trucks, tower cranes, and industrial cranes under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brand names considers acquisitions focused on aftermarket one of its strategic priorities.

The shares of The Manitowoc Company, Inc closed trade at $20.54 on 19 July, 2021.

The shares of H&E Equipment Services, Inc are currently trading in pre-market at $30.04, up $0.86 or 2.95 percent from previous close.

Read the original article on RTTNews ( https://www.rttnews.com/3210255/manitowoc-to-buy-crane-business-of-h-e-equipment-services-for-130-mln.aspx)

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