Eric Etchart, Manitowoc president

Manitowoc will cut up to 450 jobs at Shady Grove plant because of a lack of demand for cranes.

Reacting to a large decline in the market, Eric Etchart, president of Manitowoc Cranes, says the company is "taking actions to adjust our cost structures in all regions".

"This includes workforce reduction in France, Portugal, China, India and our Shady Grove facility. In total, we are reducing our workforce by approximately 22%," he says.

"We are currently estimating a 20% revenue decline in 2009, but will emerge from the downturn in a stronger competitive position," Etchart adds.
Etchart said last month that the company's total crane backlog in Europe had declined by almost 80% compared to the same period last year (Forkliftaction.com News #397). "This reduction in backlog has left us with the need to 'right size' our employment levels."