Manitowoc Crane Group and Kobelco Sign Lattice-Boom Crawler Crane Supp

MANITOWOC, Wis., March 16 /PRNewswire-FirstCall/ -- Manitowoc Crane Group, a business entity of The Manitowoc Company, Inc. , and Kobelco Cranes Co. of Japan today announced an agreement for Kobelco to manufacture and supply a range of lattice-boom crawler cranes to be sold in Europe by Manitowoc Crane Group.

The agreement covers a range of Kobelco-manufactured cranes under 110 metric tons, with sales beginning in Europe in the third quarter of 2005. All new models will be branded as Manitowoc cranes and will be sold and supported under Manitowoc's existing distribution network. Kobelco will continue to sell and support its current complete crawler crane product line under its European distribution system.

This new supply agreement complements a series of previously announced agreements between the two companies, which allow both companies to better serve their respective markets and customers. Under this business relationship, Kobelco supplies certain lattice-boom crawler cranes for distribution in North America under the Manitowoc brand, and Manitowoc supplies certain all-terrain cranes for distribution in Japan under the Kobelco brand.

Glen Tellock, Manitowoc Crane Group president, said: "Manitowoc Crane Group is very excited about our expanding and successful relationship with Kobelco Cranes. The fact is that both companies have a similar outlook on customers, products, and service. These similarities have allowed us together to find ways to better serve our customers."

Takashi Ishida, Kobelco Cranes president, remarked: "We recently held a launching ceremony for Kobelco branded all-terrain cranes for the Japanese market, supplied by Manitowoc. Our customers are showing good response to the newly introduced models. I truly believe that Manitowoc is the best alliance partner in the industry."

About the Kobelco Construction Machinery Co., Ltd.

Kobelco Construction Machinery Co., Ltd. is one of Japan's largest manufacturers of construction equipment. The company started in 1930 as a division of Kobe Steel and produced the first ever piece of construction machinery built in Japan, an electric mining shovel. Today, it manufactures a wide range of construction machinery, which is sold all over the world. Kobelco manufactures a range of crawler cranes from 39 U.S. tons to 882 U.S. tons capacity and also supplies rough-terrain mobile cranes. In 1999, the company was separated from the main Kobe Steel group and today it operates as an independent subsidiary, although Kobe Steel remains the majority shareholder.

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 within 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:

-- anticipated changes in revenue, margins, and costs, -- new crane and foodservice product introductions, -- successful and timely completion of facility expansions, -- foreign currency fluctuations, -- increased raw material prices, including steel prices, -- steel industry conditions, -- changes in crane utilization rates, -- the risks associated with growth, -- weather, geographic factors and political and economic risks, -- added financial leverage resulting from acquisitions, -- actions of company competitors, -- changes in economic or industry conditions generally or in the markets served by our companies, -- Great Lakes water levels, -- work stoppages and labor negotiations, -- government approval and funding of projects, -- the ability of our customers to receive financing, and -- the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic alliances, and joint ventures.

Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2004.