Manitowoc Announces the Retirement of Terry Growcock

MANITOWOC, Wis., Dec. 19 /PRNewswire-FirstCall/ — After a 15-year career
that was highlighted by strategic acquisitions, transformational growth, and
business globalization, Terry D. Growcock, chairman of the board of The
Manitowoc Company, Inc. (NYSE: MTW) has announced his intention to retire,
effective December 31.

Mr. Growcock, 63, has served as Manitowoc’s chairman of the board since
2007. Previously, he served as chairman and chief executive officer from 2002
to 2007, and president and chief executive officer from 1998 to 2002. Mr.
Growcock joined the company in 1994 as executive vice president of Manitowoc
Ice. In 1995, he was appointed president of Manitowoc Foodservice Group and
served in that capacity until his promotion to president and CEO of the
corporation in 1998. Prior to joining Manitowoc, Mr. Growcock served in
numerous management and executive positions with Siebe plc and United
Technologies.

“Terry has truly been a transformational figure at Manitowoc,” said CEO

Glen E. Tellock. “He has taken us from a revenue base of $700 million in 1998
to more than $4 billion today. Under his leadership, our Crane segment has
grown from a North American-based business to a market-leading global
manufacturer of crawler cranes, tower cranes, and mobile telescopic cranes.
Similarly, Terry was instrumental in growing our Foodservice segment from a
U.S.-focused provider of commercial ice machines to becoming a global leader
in heating, cooking, ice, beverage, and refrigeration equipment. All of us at
Manitowoc will miss his inspirational leadership, wise counsel, and cordial
friendship. We sincerely wish him all the best in his retirement.”

Growcock attended Indiana University and earned a bachelor’s degree in
business management from the University of St. Francis, Fort Wayne, Indiana.
He currently serves on the boards of Bemis Manufacturing, Harris Corporation,
Harsco Corporation, and Carlisle Companies Incorporated. In addition, Terry is
a member of the advisory council for the Kelley School of Business at Indiana
University. In February 2005 and again in February 2007, Growcock was
appointed by President George W. Bush to the Advisory Committee on Trade
Policy and Negotiations for the United States Trade Representative. In 2006,
Growcock was selected as Ernst & Young’s Entrepreneur of the Year in the “Best
of Wisconsin” category. Complementing these responsibilities, Terry also
served in leadership roles with the National Association of Manufacturers and
the Wisconsin Manufacturers Commerce association, as well as leading numerous
fundraising campaigns benefiting Silver Lake College, the Wisconsin Maritime
Museum, the United Way, Big Brothers/Big Sisters, and the American Cancer
Society.

About The Manitowoc Company, Inc.

The Manitowoc Company, Inc. is a diversified, multi-industry, capital
goods manufacturer with 104 manufacturing and service facilities in 27
countries. It is recognized as 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. Manitowoc also is one
of the world’s leading innovators and manufacturers of commercial foodservice
equipment serving the ice, beverage, refrigeration, food prep, and cooking
needs of restaurants, convenience stores, hotels, healthcare, and
institutional applications. 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.

SOURCE The Manitowoc Company, Inc.