22 N E W N O R T H , I N C .
F
ew companies can find a bright spot when faced with a
50 percent loss of sales over the course of the year.
But that's exactly what Manitowoc Co. found
when reporting its fourth quarter results in 2009
since sales in its iconic crane division had declined
49.1 percent from that same quarter the year before. As the
Great Recession tightened its grip on the world economy,
delaying building projects and equipment purchases,
Manitowoc Crane felt the pinch.
en came the bright spot — cranes may not have been
selling, but ice makers and other equipment for food service
were, buoying the company with a 31 percent increase in sales
that quarter compared to 2008, giving the company the lifeline
it needed to weather the losses elsewhere. e company still
reported a loss that quarter, but only a fraction the size of the
loss it reported the year before.
"Considering the challenging economy, especially in the
heavy equipment markets, this was a remarkable achievement,"
says Glen E. Tellock, chairman and CEO of Manitowoc.
While the economy has regained much of its lost ground
Every part counts
Diverse mix of products and companies keeps economic swings in check
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B y S e a n P. J o h n s o n
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Diverse Economy
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A metallurgist checks molten
metal at Waupaca Foundry.
