Manitowoc at 17th Annual Midwest IDEAS Conference: shift to services

Manitowoc Company, a crane manufacturer, presented a strategic shift at the 17th Annual Midwest IDEAS Conference, aiming to become a lifting solutions business with more service revenue and higher margins. The company has moved away from a pure crane-selling model and is now focusing on generating 50% of its revenue from aftermarket and non-new machine sales, with aftermarket revenue more than doubling since 2016.

Manitowoc has reduced costs by $150 million since 2016 and built a more stable revenue base around parts, service, rentals, and other aftermarket offerings. The company's backlog is above $1 billion, and large crawler crane capacity is sold out through 2027 due to data center demand. The strategic shift is expected to help offset inflation and tariff pressure while balancing share repurchases, acquisitions, and balance sheet repair.

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