The Manitowoc Company Announces Departure of Lawrence J. Weyers

08-07-17

MANITOWOC, Wis.--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) announced that after more than 20 years of service to The Manitowoc Company (the “Company”), Lawrence J. Weyers provided notice to the Board of Directors of the Company (the “Board”) of his desire to leave the Company, effective August 31, 2017. Mr. Weyers currently serves as Executive Vice President, Tower Cranes, and has held various other executive management positions since joining the Company in 1998. “The Board and I thank Larry for his strong leadership over the many years with Manitowoc. We are particularly appreciative of Larry’s service where he has been instrumental in building the Company and will remain as a good friend of Manitowoc,” stated Barry L Pennypacker, President and CEO.

“With Larry’s departure, Aaron Ravenscroft will become our new Executive Vice President of Cranes and will be based out of our Dardilly, France facility. In addition, we will continue to take actions to flatten our organizational structure to improve our competitive position in the marketplace while enhancing our ability to exceed customer expectations with innovative products and services,” concluded Pennypacker. Mr. Ravenscroft currently serves as the Company’s Executive Vice President, Mobile Cranes.

About The Manitowoc Company, Inc.

Founded in 1902, The Manitowoc Company, Inc. is a leading global manufacturer of cranes and lifting solutions with manufacturing, distribution, and service facilities in 20 countries. Manitowoc is recognized as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading aftermarket product support services. In 2016, Manitowoc’s net sales totaled $1.6 billion, with over half generated outside the United States.

Source: The Manitowoc Company, Inc.

The Manitowoc Company, Inc.

Ion M. Warner

VP, Marketing and Investor Relations

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