13
NEWS
DECEMBER 2013
ACT
West Coast Casing adds
Manitex 3051T to fleet
California-based West Coast
Casing (WCC) has taken
delivery of its first Manitex
3051T boom truck from
Coast Crane Company. WCC
will use the boom truck
to transport materials and
tools for its growing oilfield
service business. Over the last
10 years, WCC has offered
full-service truck and crane
services to the Bakersfield
oilfield service marketplace.
“The most important part
of my business is service. I
believe the investment in
the Manitex 3051T will help
my growing business while
continuing to exceed my
customer expectations,” said
Mike Hazen, owner of West
Coast Casing.
■
TNT sold to First Reserve
TNT Crane & Rigging will be
acquired by its management
team and global equity firm
First Reserve. Financial terms
of the deal with the First
Reserve Fund XII were not
disclosed. The sales was set
to be completed by the end of
2013.
TNT, owned by Odyssey
Investment Partners, has
a fleet of more than 400
cranes and specializes in the
oil and gas and industrial
infrastructure industries.
“First Reserve’s investment
is an important milestone
for our company,” said Mike
Appling, TNT CEO. “Our
partnership will create
additional opportunities for
our employees and advance
our capabilities to service our
customers. We believe the
outlook for our business has
never been better, and we are
excited to partner with First
Reserve in the next phase of
our growth. Our management
team is highly confident that
First Reserve’s strategic vision,
energy industry knowledge
including relationships, and
deep experience in providing
companies like ours access to
growth capital will benefit us
as we continue to execute on
our growth strategy.”
Tim Day, First Reserve
managing director, said, “We
have a long and successful
history of supporting and
growing businesses providing
services to the energy
infrastructure end markets.
TNT represents a continuation
of that theme, and we are
excited to partner with the
highly talented management
team of TNT and support
them in their ongoing
growth initiatives. We believe
this platform is uniquely
positioned for continued
growth, both in terms of its
existing served geographies
and new markets.”
■
Manitowoc
notches
strong Q3
Third-quarter 2013 net sales
in Manitowoc’s crane segment
were $612.6 million, up 10.4
percent from $555.1 million
in the third quarter of 2012.
Primary drivers were continued
growth in the Americas and
in crawler crane sales. Also
reported was ongoing success
with the Manitowoc Crane Care
product support division.
Crane segment operating
earnings for the third quarter
of 2013 were $55.7 million, up
110.2 percent on the $26.5
million in the same period the
year before. The operating
margin was 9.1 percent for the
third quarter of 2013, up from
4.8 percent in Q3 2012.
Order backlog was $568
million on September 30, down
by $158 million from the end
of the previous quarter. Third
quarter 2013 orders, at $450
million, were 23 percent lower
than the third quarter of 2012.
Growth in the crane segment
was largely responsible for the
combined Manitowoc Company
(cranes and foodservice)
increase of 7.1 percent. Sales
were $1.015 billion, up from
$947.5 million in the same
period a year earlier.
Soft market hits Terex in Q3
Net sales at Terex Cranes for the third quarter of 2013 were $453 million, down $63 million or just
over 12 percent from the $516 million in the same quarter of 2012. Better was the MHPS segment
that includes port cranes. Net sales there were $461 million in Q3 2013, up 3.5 percent from $445
million in the same quarter of 2012.
“Our Cranes segment continues to experience soft market conditions,” said Terex Chariman/CEO
Ron DeFeo. “Geographically, the global economy is best described as lacking a clear direction. North
America remains the most stable market overall. Europe has seen slight improvements in certain
products, mostly in our AWP segment, and the Middle East continues to provide growth. However,
overall weakness in Europe and Australia have offset growth we have experienced in other markets.”
DeFeo said operating margins have remained consistent. “However, we expected 2013 to be a year
of significant sales growth, and this has not occurred. Our businesses that have a significant portion of
products dependent on non-residential construction have not recovered as quickly as we had expected.
Businesses that are less dependent on non-residential construction, such as our Port Solutions and
AWP businesses, are seeing improving business conditions.”
Net sales for the whole of Terex Corp. were $1,811 million in Q3 of 2013, down .6 percent from
$1,822 million in the same period a year earlier. Income from operations was $140.9 million in the
third quarter of 2013, an increase of $9 million on the $131.9 million for Q3 a year before.
WCC bought a 30-ton tractor-
mount boom truck to transport
materials and tools for its
growing oilfield service
business.
