Manitowac Appoints Tellock President of Crane Group

June 3, 2002

The Manitowac Company, Inc. named senior vice president and chief financial officer Glen E. Tellock as president and general manager of Manitowac’s Crane Group, effective immediately. “With the pending Grove acquisition, we assessed the organizational needs required to run a billion-dollar crane segment. Glen’s solid financial experience will be a tremendous asset in managing our crane business, which has tripled in size in the last 14 months,” said Terry D. Growcock, Manitowac’s president and CEO. “As senior vice president and CFO, Glen was intimately involved in setting the strategic direction for the company, and played an instrumental role in the successful acquisition of Potain and our pending acquisition of Grove Worldwide. The relationships Glen has built with both of these organizations will be vital to their future success. Furthermore, Tellock’s in depth knowledge and understanding of the management principles of EVA will help our crane group realize its full potential and maximize shareholder value.” Robert A. Giebel, Jr., the former president of Manitowac Crane Group, has resigned to pursue new opportunities. “I also want to express my gratitude to Rob Giebel for the efforts he has made on our behalf over the past several years, and I wish him the best in all his future endeavors,” Growcock added.

Manitowac Appoints Tellock President of Crane Group

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