Manitowoc remains focused on reaching long-term goal of 55% net debt to capital

By Sara Rosenberg

New York, Feb. 5 - The Manitowoc Co. continues to view debt reduction as a top focus for the company with the long-term aim being to achieve a net-debt-to-capital ratio of 55%, company officials said during a conference call Thursday.

"We reduced our net debt by $126 million [in 2003] before the impact of the euro, more than doubling our goal and helping us move toward our long-term net-debt-to-capital ratio of 55%. We're now at 65%," officials said in the call.

At the end of 2002, the company's net-debt-to-capital ratio was 68%, according to a company news release.

"In 2004 our management teams will intensify their focus on managing working capital because cash generation and reducing our debt remains top priorities for us," officials added in the call.

Manitowoc is a Manitowoc, Wis., provider of lifting equipment for the global construction industry.

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