The Manitowoc Company Inc., a worldwide manufacturer of high-capacity, lattice-boom crawler cranes, announced that it has completed the acquisition of Potain, a worldwide manufacturer of tower cranes.

The final purchase price of the acquisition was $307.1 million. Potain will become part of Manitowoc’s Crane segment, which, in effect, will create one of the world’s largest producers of lifting products.

"We are extremely pleased to welcome the over 2,200 employees of Potain to the Manitowoc family," said Terry D. Growcock, Manitowoc’s president and chief executive officer. "This strategic addition to our Crane segment presents Manitowoc with a host of opportunities for growth, including further penetration into key European and Asian markets and the expansion of our product line to encompass a greater variety of lifting solutions."

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