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Marinette Marine Corporation Shipyard Launches U.S. Navy's First Littoral Combat Ship

MANITOWOC, Wis., Sept 25, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- The Manitowoc Company (NYSE: MTW) today announced that a shipyard of its subsidiary, Marinette Marine Corporation, has successfully launched FREEDOM (LCS 1), the lead ship of the U.S. Navy's new class of surface combatant, the Littoral Combat Ship (LCS).

To produce FREEDOM, the Manitowoc Company joined a Lockheed Martin (NYSE: LMT)-led industry team which includes naval architect Gibbs & Cox and Bollinger Shipyards, as well as several best-of-industry domestic and international teammates. The 377-foot FREEDOM is scheduled for delivery in 2007 and will be based in San Diego, California.

The launch ceremony, which took place on September 23, featured Admiral Michael G. Mullen, Chief of Naval Operations, as the keynote speaker, with Birgit Smith performing the traditional christening ceremony. Mrs. Smith is the widow of Sgt 1st Class Paul Ray Smith, who was posthumously awarded the Medal of Honor for his bravery and gallantry above and beyond the call of duty in Operation Iraqi Freedom.

The LCS is the Navy's first mission-focused class of ships and will deploy manned and unmanned vehicles to execute missions. While complementing the capabilities of the Navy's larger multi-mission surface warships, LCS also will be networked to share tactical information with other Navy aircraft, ships, submarines, and joint units. The LCS class will be the first surface combatant to be classed under the new Naval Vessel Rules by the American Bureau of Shipping.

"We are proud to be part of the team that is giving the Navy 21st century technology and capabilities," said Terry D. Growcock, Manitowoc's chairman and chief executive officer. "Our commitment to innovation and operational excellence has provided Manitowoc Marine Group with the tools and systems needed to play a key role in the development of this important class of ship."

Manitowoc Marine Group President Robert P. Herre added: "The men and women of Marinette Marine accepted an unprecedented challenge in 2004 when our team was selected as one of the build partners for LCS. With today's launch of FREEDOM, they have taken a large step closer to meeting that challenge by combining the complexity of a naval warship with the efficiencies of commercial shipbuilding. Manitowoc Marine Group and our Lockheed Martin LCS team members look forward to a continuing partnership with the Navy on the LCS Program."

The LCS is designed to defeat growing littoral threats and provide access and dominance in the coastal water battlespace. A fast, maneuverable, and networked surface combatant, the LCS provides the required war-fighting capabilities and operational flexibility to execute focused missions close to the shore such as mine warfare, anti-submarine warfare, and surface warfare. Modularity maximizes the flexibility of LCS and enables commanders to meet changing warfare needs, while also supporting spiral development and technology refresh. The LCS will be networked to share tactical information with other naval aircraft, ships, submarines, joint and coalition units, and LCS groups, providing commanders with the right information quickly and efficiently.

For more information, please visit the Lockheed Martin LCS industry team's website at http://www.lmlcsteam.com .

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:

     -- Manitowoc's successful and timely completion of contracts,
     -- the risks associated with growth,
     -- political and economic risks,
     -- changes in economic or industry conditions generally or in the markets
        served by our companies, and
     -- government approval and funding of projects.

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, 2005.

SOURCE The Manitowoc Company, Inc.

Steven C. Khail, Director of Investor Relations & Corporate Communications, of
Manitowoc Company, +1-920-652-1713
http://www.prnewswire.com