Terry Growcock may lead a large multibillion-dollar company, but he’s really an entrepreneur at heart.
Growcock, the CEO of Manitowoc Co., is driving innovation for new products in each of the company’s three segments: cranes, food service equipment and marine.
A critical part of fueling the company’s growth has been through utilizing a business development tool known as the product void matrix. This matrix creates a strategic focus for each of the company’s segments by identifying any significant gaps in product lines or geographic areas. Where gaps are identified, strategies are developed to penetrate these new areas of opportunities.
Growcock has grown Manitowoc by developing a culture worldwide that focuses on his guiding principles. He has taken significant risks by going into new markets through acquisitions and developing and launching new products that have now been accepted by the market.
He looks for opportunities for growth in new product development, joint ventures and market globalization, all with the product void matrix in clear view. Drawing on these means of growth has allowed Manitowoc to quickly capitalize on an ever-changing marketplace.
Recently, the company won a significant crane contract in Japan by partnering with Kubato. Growcock identified areas where the competitor did not have a competing product and offered his product to fill the competitor’s product void. Thus he was able to break into the Japanese market without the usual long lead time because of this strategic alliance.
How to reach: The Manitowoc Co., (920) 652-1749 or www.manitowoc.com