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Manitowoc Consolidates Boom Truck Operations Under the Manitowoc Name.

Published in: PR Newswire
Date: 6/26/2006

The Manitowoc Company, Inc. (NYSE: MTW) today announced that it is consolidating its hydraulic boom-truck operations under a single new corporate identity. As of July 1, the boom-truck division will be known as Manitowoc Boom Trucks, and by mid-August, every crane in the product line will feature a new color combination of red, black, and gray. The name change represents the unification of operations of the company's three boom-truck product lines, which include Manitex, USTC, and Pioneer Cranes.

"Manitowoc Boom Trucks offers its customers the broadest boom-truck product line in the industry," stated Terry D. Growcock, Manitowoc's president and chief executive officer. "This strategic consolidation now positions our boom-truck products under the Manitowoc umbrella - the most well-respected brand name in the crane industry today - and provides important marketing and operational synergies as we continue to grow these operations."

"The name change reflects our recent product line expansion, which included the acquisitions of USTC and Pioneer Cranes," said Joe Conway, executive vice president of Manitowoc Boom Trucks. "The product line is being consolidated into four different types of boom trucks, each with its own special design or market segment. This new name demonstrates to our customers that all of our boom-truck lines are a part of the Manitowoc family of quality products."

"As the crane industry continues to become more rationalized, moving the boom truck product lines under the Manitowoc umbrella will enable our groups to work closer together in the future," explained Larry Weyers, vice president of sales and marketing for Manitowoc Cranes, Inc. "Whether it's sales and distribution, purchasing and operations, or parts and service support, this is merely the first step."

For more than a decade, Manitowoc's boom truck division included one entity, Manitex, a boom-truck manufacturer located in Georgetown, Texas. In 1998, Manitex acquired USTC, a York, Pennsylvania, boom-truck manufacturer. In early 2000, Manitex acquired Pioneer Cranes of Hutchison, Kansas. For the past year, each company has operated independently, with its own sales and marketing departments. The consolidation will result in a substantial savings in marketing and sales costs, as one sales and marketing department will handle all four product lines.

"We're letting our dealers and our customers know that our products are part of the Manitowoc family," said Jay Shiffler, vice president of sales. "Our parent company has earned a world-wide reputation through the years, and we're proud to share that association in the construction industry marketplace."

In its new structure, Manitowoc Boom Trucks will market four lines: the S-Series rear-mounted crane pioneered by Manitex, the C-Series traditional behind-the-cab cranes previously manufactured by both Manitex and USTC, the X-Series cranes previously designed and manufactured by Pioneer Cranes, and the new T-Series tractor-mount design.

"All three of these companies have brought distinctive crane designs to the marketplace," said Conway. "By consolidating the sales and marketing efforts of Manitex, USTC, and Pioneer, we are strengthening our reach, which we believe will ultimately increase our market share."

Manitex, which was founded by Manitowoc in 1983, introduced its heralded Millennium Series to the marketplace in 1997. Manitex's crane line ranges from 9 to 38 tons with more than 18 boom configurations and four basic mounting configurations.

USTC manufactures a full line of boom trucks ranging from 10 to 40 tons, including the 40 MTC, the largest capacity boom-truck in the marketplace.

Pioneer's highly regarded product line brought new and different technologies to the boom-truck division, especially in the important mid-size capacity range. The Pioneer line includes five models with capacities ranging from 15 to 28.8 tons, and features an innovative X-type outrigger system that provides 360-degree stability and 500-degree rotation capability without any reduction in lifting capacity. Pioneer Cranes were designed by Ray Pitman, the pioneer of the boom-truck business. Pitman is credited with designing the world's first boom truck in the early 1950s.

Manitowoc Boom Trucks will maintain two operating and manufacturing facilities in Georgetown, Texas, and York, Pennsylvania.

The Manitowoc Company, Inc. is a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment for the foodservice industry. It is also a leading producer of lattice-boom cranes, boom trucks, and related products for the construction industry, and specializes in ship repair, conversion, and new-construction services for the Great Lakes maritime industry.

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. These statements include, but are not limited to, those relating to the future contribution of Manitowoc Boom Trucks to Manitowoc. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the company's actual results of operations are included in its filings with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K for the fiscal year ended December 31, 1999.

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