Manitowoc Announces Closing of National Crane Facility

The Manitowoc Company, Inc. announced today that it will close its National Crane boom-truck manufacturing facility in Waverly, NE and will move production to the company's facility in Shady Grove, PA. Both facilities were acquired when Manitowoc purchased Grove Worldwide last year. The closing is expected to take place by the end of 2003. The transfer of production will improve long-term utilization and productivity given the advanced systems already in place at Shady Grove. Proceeds from the sale of assets are expected to equal or slightly exceed the after-tax costs associated with the move. These costs will primarily be reflected as an adjustment to the purchase price of Grove Worldwide. "As we continue to integrate Grove Worldwide, we will fully leverage the synergies available in order to ensure that the Crane segment is sized for profitability under current market conditions and that the business is positioned to take off when the economy improves," said Glen E. Tellock, president of Manitowoc's Crane Group. "Customers should be assured that our National Crane field sales and service support staff are not expected to change. Operationally, our Shady Grove plant offers world-class manufacturing equipment, processes, and systems. Our integration plans will include the creation of specialized teams from both locations to ensure a smooth transition, and our customers will continue to receive the highest quality products at exceptional values. Product quality and reliability will not be compromised. We will continue to focus on investing in new products, and our customers will continue to be supported by the highest quality sales and aftermarket support team in the industry," Tellock added.