Manitowoc Reaches Agreement On Options for Lighterage System

The Manitowoc Company, Inc. announced that it has signed a contract with the Naval Facilities Engineering Command, Department of the U.S. Navy, on options for the Improved Navy Lighterage System (INLS). The Navy selected Manitowoc Marine Group in 2003 to build the INLS, and the first unit was delivered in the third quarter of 2005. The new agreement calls for option deliveries over the next five calendar years with an approximate value of $360 million. "Our solid partnership with the Department of the U.S. Navy is shown by this new agreement," said Robert P. Herre, president of Manitowoc Marine. "Initial production of a new class of vessel is a challenge for all parties, and we are grateful that the Navy has recognized Manitowoc Marine's contribution and investment in the INLS program. This important program is now ready to provide the Navy with much-needed logistics flexibility for the Navy-Marine Corps team in its strategic vision of Sea Basing in the 21st Century. This project also provides our shareholders with returns consistent with our most recent financial guidance."