The Manitowoc Company Announces the Next Phase of its Global Foodservice Manufacturing Strategy

MANITOWOC, Wis.–(BUSINESS WIRE)–The Manitowoc Company, Inc. (NYSE: MTW) announced today the next steps
in its global Foodservice manufacturing strategy that includes the
company’s intention to move products currently manufactured at its
Cleveland, Ohio facility to other locations, along with an anticipated
shutdown of this facility. These operational changes are part of a
strategic initiative to address production overcapacity and align the
company’s global manufacturing footprint for improved operational
agility, enhanced product quality, and financial performance.

“As part of our ongoing global manufacturing strategy, we intend to
close our Cleveland facility, which produces a range of market-leading
products including steamers, conveyor ovens, and mini combination ovens.
These efforts are essential as we continue preparations for the eventual
spin-off of the company’s Foodservice business in the first quarter of
2016. This decision was also driven by the need to improve our
operational efficiencies, while also meeting the demands of our
customers and enabling us to compete more effectively on a global
basis,” commented Hubertus M. Muehlhaeuser, president and chief
executive officer of Manitowoc Foodservice Inc. and senior vice
president of The Manitowoc Company.

In addition to the intended closure of the Cleveland facility, The
Manitowoc Company expects to close its Irwindale, California
distribution warehouse. The company will discuss these restructuring
activities in its third-quarter 2015 earnings release and conference
call, as well as the anticipated costs and potential savings generated
by these efforts.

About The Manitowoc Company, Inc.

Founded in 1902, The Manitowoc Company, Inc. is a multi-industry,
capital goods manufacturer with 92 manufacturing, distribution, and
service facilities in 25 countries. The company is recognized globally
as one of the premier innovators and providers of crawler cranes, tower
cranes, and mobile cranes for the heavy construction industry. Manitowoc
is also one of the world’s leading innovators and manufacturers of
commercial foodservice equipment, which includes 24 market-leading
brands of hot- and cold-focused equipment. In addition, both segments
are complemented by a slate of industry-leading product support
services. In 2014, Manitowoc’s revenues totaled $3.9 billion, with
approximately half of these revenues generated outside of the United
States.

Forward-looking Statements

This press release includes “forward-looking statements” intended to
qualify for the safe harbor from liability under the Private Securities
Litigation Reform Act of 1995. Any statements contained in this press
release that are not historical facts are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current expectations of the
management of the company and are subject to uncertainty and changes in
circumstances. Forward-looking statements include, without limitation,
statements typically containing words such as “intends,” “expects,”
“anticipates,” “targets,” “estimates,” and words of similar import. By
their nature, forward-looking statements are not guarantees of future
performance or results and involve risks and uncertainties because they
relate to events and depend on circumstances that will occur in the
future. There are a number of factors that could cause actual results
and developments to differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause actual results
and developments to differ materially include, among others:

  • the ability to increase operational efficiencies, including
    capacity utilization of facilities, and the ability to capitalize on
    those efficiencies;
  • issues relating to the ability to timely and effectively execute on
    manufacturing strategies, including issues relating to plant closings,
    and/or consolidations of existing facilities and operations;
  • issues related to workforce reductions at certain facilities and
    workforce increases at others;
  • the ability to capitalize on key strategic opportunities and the
    ability to implement Manitowoc’s long-term initiatives;
  • possible negative effects on the Company’s business operations,
    assets or financial results as a result of the planned separation of
    the Company into two independent publicly-traded companies;
  • capitalization of the two independent companies;
  • unanticipated changes in customer demand, including changes in
    demand for foodservice equipment, changes in capex spending by large
    foodservice chains, and changes in demand for used foodservice
    equipment; and
  • risks and other factors cited in Manitowoc’s filings with the
    United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak as of
the date on which they are made. 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, 2014.

Contacts

The Manitowoc Company, Inc.
Primary Contact:
Thomas G.
Musial
Senior Vice President Human Resources & Administration
920-652-1738
or
Foodservice
Industry Media Contact:

Caitlin Rodgers
Vice President of
Marketing
727-569-1104