November 2 - Reports in the international business media suggest that the heavy lift segment of Manitowoc's crane business is holding up well, mainly helped by considerable spending on infrastructure and energy in markets such as the Middle East, Brazil,
The 107-year-old company, known for its crawler cranes and boom trucks, has been hit hard by weak demand for cranes as lack of credit has forced construction firms to cut capital spending on new projects and recently reported a surprise third-quarter loss, mainly hurt by a steep fall in crane revenue.
Sales for the crane segment, which contributed about 54 percent of Manitowoc's third-quarter revenue, fell 52 percent.
Chief executive Glen Tellock is quoted as saying that pricing has been holding relatively well for a majority of new crane orders the company received in the third quarter.
