19.07.2007

Manitowoc buys in India

Manitowoc, parent of Potain and Grove cranes, has acquired Shirke Construction Equipments Pvt. of Pune, India. Shirke is the leading player in the Indian tower crane market and has been a manufacturing partner and distributor for Potain since it acquired Richier in 1982.
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T. R. Badarinarayan, CEO of Shirke, with Glen Tellock and Frans Vanwinkel of Manitowoc.

Shirke began building tower cranes in the early 1970's when it agreed a license deal with Richier.

It is also the Potain distributor for Sri Lanka, Nepal, Bangladesh, and Bhutan.The business will operate in the future as Potain India Pvt. Ltd. and will continue to manufacture tower cranes under the Potain name.

"This transaction solidifies Manitowoc's position in one of the world's fastest-growing construction markets," said Glen E. Tellock, president and chief executive officer of Manitowoc.

"By acquiring Shirke, Manitowoc furthers its mission of bringing manufacturing and service closer to the customer. With growing demand for infrastructure and industrial expansion projects, India is an excellent addition to our manufacturing base."

Shirke has a 17,000 square metre production facility with around 350 employees, all of whom are experienced in the manufacture and assembly of Potain tower crane components.

Shirke also produces other construction products such as concrete batching plants and block making machines, Manitowoc has not given details yet of whether it will rationalize the product range. Although it is anticipated that it will focus its capacity on crane production.

Prior to the acquisition Shirke was a family owned business with the founder, Baburao Govindrao Shrike, 87, remaining a very active chairman while all three sons work in the business.

Middle son, T. R. Badarinarayan, chief executive officer said:
“We have been selling tower cranes in India for well over 30 years and know the market better than anyone,”

“The economic growth over the past few years represents the start of a new era in India’s construction history. Our incorporation into the Manitowoc Crane Group will allow us to continue to serve the market from a position of strength.”

The management of the company is not expected to change after the acquisition. Financial details of the transaction have not been disclosed.