MANITOWOC, Wis.--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) announced today that on December 11, 2017, the Honorable William Griesbach of the U.S. District Court for the Eastern District of Wisconsin ('Judge Griesbach') ruled in its favor in its trade secrets misappropriation lawsuit against Sany Heavy Industries and Sany America (collectively 'Sany') regarding Manitowoc's Variable Position Counterweight (VPC) technology.
Judge Griesbach ruled on Summary Judgment that Sany was liable for trade secret misappropriation under Wisconsin Law. His ruling was based upon previous findings by the International Trade Commission ('ITC') and the Court of Appeals for the Federal Circuit ('CAFC').
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'Manitowoc is very pleased with the U.S. District Court's ruling that reaffirms previous rulings in our favor. Innovation is one of Manitowoc's engines that drives growth and our competitive advantage in the crane industry. We have and will continue to vigorously protect our proprietary intellectual property to create value for our customers, shareholders and employees,' commented Barry L Pennypacker, President and Chief Executive Officer of The Manitowoc Company, Inc.
Previously, the ITC ruled in a Final Determination in April, 2015 that Sany misappropriated multiple trade secrets of Manitowoc in connection with its SCC8500 crane. The ITC issued an Exclusion Order as well as a Cease and Desist Order that prevented Sany from importing the SCC8500 for ten years. These findings were affirmed by the CAFC in October, 2016 without opinion. After the conclusion of the ITC proceeding, Manitowoc was permitted to pursue an action in United States District Court seeking damages and injunctive relief for Sany's misappropriation of Manitowoc's trade secrets.
As a result of this decision, Sany is both precluded from challenging the protectability of Manitowoc's trade secrets and is liable for trade secret misappropriation under Wisconsin state law.
The case is scheduled for trial in 2019.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global manufacturer of cranes and lift solutions with manufacturing, distribution, and service facilities in 20 countries. Manitowoc is recognized as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading aftermarket product support services. In 2016, Manitowoc's revenues totaled $1.6 billion, with over half of these revenues generated outside the United States.
Forward-looking StatementsThis press release includes 'forward-looking statements' intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as 'intends,' 'expects,' 'anticipates,' 'targets,' 'estimates,' and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:
• unanticipated changes in revenues, margins, costs, and capital expenditures;
• the ability to significantly improve profitability;
• potential delays or failures to implement specific initiatives within the restructuring program;
• issues relating to the ability to timely and effectively execute on manufacturing strategies, including issues relating to plant closings, new plant start-ups, and/or consolidations of existing facilities and operations, and its ability to achieve the expected benefits from such actions, as well as general efficiencies and capacity utilization of our facilities;
• the ability to direct resources to those areas that will deliver the highest returns;
• uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;
• the ability to focus on the customer, new technologies, and innovation;
• the ability to focus and capitalize on product quality and reliability;
• the ability to increase operational efficiencies across Manitowoc's business segment and to capitalize on those efficiencies;
• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc's long- term initiatives;
• the ability to generate cash and manage working capital consistent with Manitowoc's stated goals;
• the ability to convert order and order activity into sales and the timing of those sales;
• pressure of financing leverage;
• foreign currency fluctuations and their impact on reported results and hedges in place with Manitowoc;
• changes in raw material and commodity prices;
• unexpected issues associated with the quality and availability of materials and components sourced from first parties and the resolution of those issues;
• unexpected issues associated with the availability, operations and viability of suppliers;
• the risks associated with growth and contraction;
• geographic factors and political and economic conditions and risks;
• actions of competitors;
• changes in economic or industry conditions generally or in the markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment; changes in demand for lifting equipment in emerging economies, and changes in demand for used lifting equipment;
• global expansion of customers;
• the replacement cycle of technologically obsolete cranes;
• the ability of Manitowoc's customers to receive financing;
• issues related to workforce reductions and subsequent rehiring;
• work stoppages, labor negotiations, labor rates, and temporary labor costs;
• government approval and funding of projects and the effect of government-related issues or developments;
• the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, joint ventures, and other strategic alternatives;
• realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options;
• impairment of goodwill and/or intangible assets;
• unanticipated issues affecting the effective tax rate for the year;
• unanticipated changes in the capital and financial markets;
• risks related to actions of activist shareholders;
• changes in laws throughout the world;
• natural disasters and other weather events disrupting commerce in one or more regions of the world;
• risks associated with data security and technological systems and protections;
• acts of terrorism; and
• risks and other factors cited in Manitowoc's 2016 Annual Report on Form 10-K and its other filings with the United States Securities and Exchange Commission.Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2016.View source version on businesswire.com:http://www.businesswire.com/news/home/20171219006311/en/
Source: The Manitowoc Company, Inc.
Manitowoc Company Inc. published this content on 19 December 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 December 2017 22:36:08 UTC.