October 20 - Manitowoc chairman and ceo Glen E. Tellock explained that the company's cranes segment continues to be negatively impacted by a deteriorating demand environment, particularly in the Middle East and Asia.

"In addition, lower than anticipated tower and crawler crane shipments exacerbated the shortfall in revenues for the third quarter," added Tellock.

"We are taking a number of aggressive actions, including plant rationalisation and rightsizing the business, to offset this decline in demand."

Based on third quarter results, Manitowoc now expects full-year 2015 revenues for its cranes segment to be down 15 to 20 percent compared to 2014, and operating margins to be low single-digits for the year.

For the third quarter of 2015, the company's net sales are expected to be approximately USD863 million, compared with USD986.3 million in the third quarter of 2014.