Manitowoc Crane Group Agrees to Strategic Financing Alliance

October 20, 2006 • Manitowoc Crane Group, Manitowoc, Wis., and CIT Vendor Finance, a unit of CIT Group Inc., have announced a strategic vendor financing alliance for selected markets. Under the terms of the initial two-year agreement, CIT will serve as the preferred financing provider to MCG in Malaysia, Hong Kong, Taiwan, Mexico, Brazil, Chile, Colombia, and Puerto Rico.

 

"This agreement with CIT will further enable Manitowoc to support its continued growth objectives in these very important markets,” said Carl J. Laurino, Manitowoc Co.'s senior vice president and chief financial officer. “We chose CIT because of its financing leadership and expertise in vendor finance and for their deep understanding of the financing needs of our broad base of customers in these regions."