By Rick Barrett
Milwaukee Journal Sentinel
Shares of Manitowoc Co. slid Monday after the manufacturer of cranes, ships and ice machines confirmed the sale of its marine group in a $120 million cash deal that some analysts said was priced too low.
The marine group has been building ships on the Great Lakes since 1902 and is the smallest of Manitowoc’s three main businesses. It generated $321 million in revenue last year and $114 million in net sales in the recent quarter ended June 30.
It has shipyards in Marinette and Sturgeon Bay. It also has a Great Lakes ship repair business in Cleveland. All together, the group employs 1,587 people.
The buyer is Fincantieri Marine Group Holdings Inc., an Italian shipbuilder that produces cruise ships, passenger ferries and motor yachts. Lockheed Martin Corp., a U.S. defense contractor, will have a minority stake in the new ownership.
The pending sale is expected to close late this year, according to Manitowoc.
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