The Manitowoc Company, Inc. announced that it has acquired Shirke Construction Equipments Pvt. Ltd. Headquartered in Pune, India. Shirke is a market leader in the Indian tower crane industry and has been Potain’s Indian manufacturing partner and distributor since 1982. Terms of the transaction were not disclosed.
“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 The Manitowoc Company. “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 Construction’s manufacturing center is almost 55,000 sq ft and includes a workforce of approximately 350. The Indian construction market is expected to grow at an annual nominal growth rate of 9.9% through 2015, according to Global Insights, with infrastructure segment spending expected to grow 40% this year.