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Wednesday, January 26, 2005
The Manitowoc Company to Build New Crane Manufacturing Facility in China
Enables Company to Better Meet Growing Demand for Its Crane Products in the Global Market
MANITOWOC, Wis., Jan. 18 /PRNewswire-FirstCall/ -- The Manitowoc Company, Inc. (NYSE: MTW - News) announced that its Crane Group will begin building a new manufacturing plant in Zhangjiagang, China this quarter. The new plant will replace the company's existing plant, which currently manufactures a full range of Potain tower cranes in capacities from 40 to 485 meter tons.
Scheduled for completion in early 2006, the new plant will be more than twice the size of the existing 120,000-square-meter plant and will include upgraded manufacturing equipment and state-of-the-art machine tools. In addition to assuming all of the current manufacturing work, the new plant will produce additional tower crane models as well as components for Manitowoc crawler cranes and Grove mobile telescopic cranes. The number of plant employees is expected to reach 400 by 2008, up from approximately 300 at the current plant. Ground-breaking for the new plant is scheduled for February 16, 2005.
"This new crane plant is part of our strategy to increase global crane sales and market penetration," said Terry D. Growcock, Manitowoc's chairman and chief executive officer. "It will strengthen our presence in Asia and enhance our abilities to truly serve the worldwide crane market. This project is precisely the sort of significant growth initiative we intend to fund with our recently completed equity offering."
Manitowoc's Foodservice Group is also building a larger manufacturing and training facility near Hangzhou, China, to support the rapid growth in demand for ice, beverage, and refrigeration equipment. Construction of the 190,000-square foot facility is well underway, with completion and start-up scheduled for the third-quarter of this year.
About The Manitowoc Company
The Manitowoc Company, Inc. is one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.
Forward-looking Statements
Any statements contained herein that are not historical facts are forward- looking statements with the meaning of the Private Securities Litigation reform Act of 1995, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. These statements and potential factors include, but are not limited to, those relating to:
-- Manitowoc's ability to better serve China's crane and construction
market,
-- Manitowoc's ability to better serve global demand in the foodservice
equipment market,
-- the ability to timely complete the construction and to begin
production in the new facilities as planned,
-- increased efficiency of the new manufacturing facilities,
-- actions of company competitors,
-- changes in economic or industry conditions generally and in Asia,
-- changes in the markets served by our crane and foodservice companies,
-- risks associated with growth,
-- governmental approvals and regulations,
-- geographic factors and political and economic risks, and
-- labor relations
Enables Company to Better Meet Growing Demand for Its Crane Products in the Global Market
MANITOWOC, Wis., Jan. 18 /PRNewswire-FirstCall/ -- The Manitowoc Company, Inc. (NYSE: MTW - News) announced that its Crane Group will begin building a new manufacturing plant in Zhangjiagang, China this quarter. The new plant will replace the company's existing plant, which currently manufactures a full range of Potain tower cranes in capacities from 40 to 485 meter tons.
Scheduled for completion in early 2006, the new plant will be more than twice the size of the existing 120,000-square-meter plant and will include upgraded manufacturing equipment and state-of-the-art machine tools. In addition to assuming all of the current manufacturing work, the new plant will produce additional tower crane models as well as components for Manitowoc crawler cranes and Grove mobile telescopic cranes. The number of plant employees is expected to reach 400 by 2008, up from approximately 300 at the current plant. Ground-breaking for the new plant is scheduled for February 16, 2005.
"This new crane plant is part of our strategy to increase global crane sales and market penetration," said Terry D. Growcock, Manitowoc's chairman and chief executive officer. "It will strengthen our presence in Asia and enhance our abilities to truly serve the worldwide crane market. This project is precisely the sort of significant growth initiative we intend to fund with our recently completed equity offering."
Manitowoc's Foodservice Group is also building a larger manufacturing and training facility near Hangzhou, China, to support the rapid growth in demand for ice, beverage, and refrigeration equipment. Construction of the 190,000-square foot facility is well underway, with completion and start-up scheduled for the third-quarter of this year.
About The Manitowoc Company
The Manitowoc Company, Inc. is one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.
Forward-looking Statements
Any statements contained herein that are not historical facts are forward- looking statements with the meaning of the Private Securities Litigation reform Act of 1995, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. These statements and potential factors include, but are not limited to, those relating to:
-- Manitowoc's ability to better serve China's crane and construction
market,
-- Manitowoc's ability to better serve global demand in the foodservice
equipment market,
-- the ability to timely complete the construction and to begin
production in the new facilities as planned,
-- increased efficiency of the new manufacturing facilities,
-- actions of company competitors,
-- changes in economic or industry conditions generally and in Asia,
-- changes in the markets served by our crane and foodservice companies,
-- risks associated with growth,
-- governmental approvals and regulations,
-- geographic factors and political and economic risks, and
-- labor relations
