Manitowoc Acquires Rights to Mobile Industrial Crane

MANITOWOC, Wis., Jan. 8 /PRNewswire-FirstCall/ — The Manitowoc Company (NYSE:MTW) announced that Manitowoc Crane Group has acquired the Carrydeck line of mobile industrial cranes from privately held Marine Travelift, Inc. of Sturgeon Bay. Terms of the agreement were not disclosed.

“The addition of Carrydeck strengthens our position in the industrial crane segment. Carrydeck brings six new models of these versatile lifting units to our current slate of eight models that we offer through Grove under the YardBoss brand,” said Glen E. Tellock, president of Manitowoc Crane Group. “Carrydeck has manufactured the YardBoss line under special agreement for us since 2005 and will continue in this role through the end of 2007. The two lines are very complementary and will allow us to fill a variety of dealer channels. Common manufacturing and R&D efforts should generate additional synergies beginning in 2008.”

The proposed acquisition was included in the company’s 2007 financial guidance provided on November 28, 2006 that incorporates a 20 percent growth rate in revenue and low-teen percentage operating margin for Manitowoc Crane Group.

About The Manitowoc Company

The Manitowoc Company, Inc. is one of the world’s largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.

Forward-looking Statements

Any statements contained herein that are not historical facts are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. These statements and potential factors include, but are not limited to, those relating to:

   — anticipated changes in revenue, margins, and costs,
— new crane product introductions,
— successful and timely completion of facility expansions,
— foreign currency fluctuations,
— increased raw material prices, including steel prices,
— steel industry conditions,
— the risks associated with growth,
— geographic factors and political and economic risks,
— actions of company competitors,
— changes in economic or industry conditions generally or in the markets
served by our companies,
— work stoppages and labor negotiations,
— government approval and funding of projects,
— the ability of our customers to receive financing, and
— the ability to complete and appropriately integrate restructurings,
consolidations, acquisitions, divestitures, strategic alliances, and
joint ventures.

Information on the potential factors that could affect the company’s actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Quarterly Report on Form 10-Q for the period ended September 30, 2006.