Manitowoc Crane Group to Develop Manufacturing Facility in Slovakia

The Manitowoc Company, Inc. has reached an agreement with Valcovna profilov a.s. for the development of a crane manufacturing facility in Saris, Slovakia. The facility, which will be refurbished and re-equipped, will serve as the final manufacturing and assembly site for Grove, Potain, and Manitowoc cranes being delivered to customers in East European markets, particularly in Russia and the CIS.

The company expects to begin production from the Saris facility in late 2007. Financial terms of the transaction were not disclosed, but Manitowoc is revising its 2007 capital expenditures guidance from $70 million to $85 million for the full year as a result of this acquisition and other capacity initiatives in its Crane Group.