Web site: Manitowoc Co. may sell marine division

By Rick Romell
Milwaukee Journal Sentinel

Manitowoc Co. (MTW) is negotiating to sell its marine division that builds ships, including military vessels, a European marine industry Web site has reported.

The suitor is an Italian ship company, Fincantieri, according to the Web site Lloyd’s List, based in London. Lloyd’s List said a report on the deal first appeared in Il Secolo, a newspaper in Genoa, Italy.

Although a Fincantieri spokesman declined comment on the talks, the Trieste-based company has long had a desire to move into the U.S. market and has been particularly eager to establish a larger and significant presence in the U.S. defense sector, Lloyd’s Italian correspondent reported.

Manitowoc executives declined to comment on the report.

The company’s marine division had $114.2 million in net sales in the recent quarter ended June 30, up 34 percent from a year earlier, Manitowoc reported Tuesday.

Manitowoc builds ships, cranes and ice machines.

This week, the company began testing a prototype of a smaller, speedy Navy combat ship on Lake Michigan near its shipyard in Marinette.

The 378-foot vessel, named Freedom, has been built by the marine group. The ship, being built by a consortium that includes Manitowoc Co. and Lockheed Martin, could win a Navy contract for 55 craft.