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.