XML 21 R10.htm IDEA: XBRL DOCUMENT v3.26.1
Note 4 - Sale of Manitowoc Industrial Fabrication Operations
3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Assets Held For Sale [Text Block]

NOTE 4  SALE OF MANITOWOC INDUSTRIAL FABRICATION OPERATIONS

 

On June 4, 2025, the Company (the “Seller”) entered into a definitive agreement (the “Manitowoc Purchase Agreement”) with Wisconsin Heavy Fabrication, LLC (the “Buyer”) to sell certain assets used in its industrial fabrication operations in Manitowoc, Wisconsin including specified contracts, equipment, machinery and other personal property, and permits. The sale, which was a taxable event, was completed on September 8, 2025 for a purchase price of $13,500 before the payment of transaction expenses in the form of cash and the assumption by the Buyer of certain liabilities of the Seller. During the year ended December 31, 2025, the Company recorded a gain on the sale of $8,200, which is included in the “Gain on sale of Manitowoc industrial fabrication operations” line item in the Company’s consolidated statement of operations. The Manitowoc operating results are included within the Heavy Fabrications segment. The Company completed this sale in furtherance of its strategic objective to improve the Company’s manufacturing capacity utilization across its operations and reduce operating costs. See Note 17, “Subsequent Event,” of these condensed consolidated financial statements for further discussion of the sale.