MANITOWOC, Wis. (AP) — Heavy equipment company Manitowoc Co. said Thursday it reached an agreement with Valcovna profilov a.s. for the development of a crane manufacturing facility in Saris, Slovakia.
Financial terms were not disclosed.
Manitowoc also said Thursday that it now expects to post 2007 capital expenditures of $85 million, up from its previous prediction of $70 million, as a result of the acquisition and other capacity initiatives in its crane group.
The Slovakia facility, which will be refurbished and re-equipped, will serve as the final manufacturing and assembly site for cranes being delivered to eastern European markets, Manitowoc said.
The company expects to begin production at the facility in late 2007.
Manitowoc shares remain unchanged in aftermarket trading, after falling $1.07 to $74.97 in the regular session.