Manitowoc Posts 2Q Loss Jul 28, 2009

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Manitowoc Co. said it lost US$18.1 million in the 2Q 2009. Sales fell 13% to $1.03 billion from $1.19 billion last year.

In a statement, CEO Glen E. Tellock said the company had taken steps that will eventually cut annual costs by $365 million. This year, Manitowoc said it would lower costs by $240 million.

"While we expect cyclicality in the crane business, the speed and severity of this downturn have been worse than we have seen in the past," Tellock said.

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