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Manitowoc's Marine Group Launches Coast Guard Cutter
MANITOWOC, Wis., Jan 30, 2002 /PRNewswire-FirstCall via COMTEX/ --

USCGC OAK is the Eleventh U.S. Coast Guard Seagoing Buoy Tender Built by Marinette Marine

The Manitowoc Company, Inc. (NYSE: MTW) has successfully launched the U.S. Coast Guard Cutter OAK, the eleventh ship in a series of 16 seagoing buoy tenders being built at Manitowoc's Marinette Marine subsidiary. This 225-foot Juniper-class vessel is part of a series of contracts, which were awarded to Marinette in 1993 and 1998.

"We are proud to continue this partnership between the U.S. Coast Guard and the Manitowoc Marine Group," said Terry D. Growcock, Manitowoc's president and chief executive officer. "The OAK joins her sister cutters, also built by Marinette Marine, to form a new fleet of the most technically advanced buoy tenders sailing today, which should serve the needs of our nation's Coast Guard for decades to come."

The launch ceremony, which took place on January 26, featured U.S. Representative Henry E. Brown Jr. (D-SC) as the keynote speaker; his wife, Billye Brown, the sponsor of the ship, performed the traditional christening ceremony. Also attending the ceremony was Rear Admiral Jay Carmichael, Commander of the Seventh U.S. Coast Guard District.

The U.S. Coast Guard Cutter OAK will homeport in Charleston, South Carolina, under the command of LCDR James M. Cash. It will have a complement of six officers and 34 enlisted personnel. OAK and her sister cutters now operating in both the Atlantic and Pacific Oceans are equipped to perform search and rescue, law enforcement, pollution response, and domestic icebreaking missions, as well as servicing aids to navigation.

The USCGC OAK is named after an earlier Coast Guard cutter that served the United States from 1921 through 1943, assigned to the Third Light House District in Staten Island, New York. The original OAK was decommissioned on November 6, 1964, after 43 years of distinguished service.

Besides its buoy tender construction program for the U.S. Coast Guard, Marinette Marine is constructing three 310-foot passenger ferries for the City of New York and two 127-foot oceangoing tugs for a commercial customer. In October 2001, the company was awarded an $82.4-million contract to build a new Great Lakes icebreaker that will replace the USCGC MACKINAW.

About The Manitowoc Company

The Manitowoc Company, Inc. is a leading producer of lattice-boom cranes, tower cranes, and boom trucks for the global construction industry. It is also a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment for the foodservice industry. In addition, it is the leading provider of ship repair, conversion, and new-building services for the U.S. Great Lakes maritime industry.

Forward-looking Statements

Any statements in this news release concerning Manitowoc's continued success with the U.S. Coast Guard and its commercial customers 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 include, but are not limited to, those relating to Manitowoc's ability to win shipbuilding contracts, price and availability of steel and other construction materials, potential labor disputes, and other liabilities. 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, 2000.

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SOURCE The Manitowoc Company, Inc.

CONTACT:          Steven C. Khail, Director of Investor Relations & Corporate
                  Communications, of Manitowoc, +1-920-683-8128
Copyright (C) 2002 PR Newswire.  All rights reserved.