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Press release from Business Wire

The Manitowoc Company Announces Divestiture of its Kysor/Warren Business to Lennox International

Wednesday, December 15, 2010

The Manitowoc Company Announces Divestiture of its Kysor/Warren Business to Lennox International07:39 EST Wednesday, December 15, 2010 MANITOWOC, Wis. (Business Wire) -- The Manitowoc Company, Inc. (NYSE: MTW) announced today that it has signed a definitive agreement for the divestiture of its Kysor/Warren and Kysor/Warren de Mexico businesses (“Kysor/Warren”) to Lennox International (NYSE: LII) for a value of approximately $138 million, subject to a post-closing working capital adjustment. Kysor/Warren is a leading producer of refrigerated display merchandisers and systems primarily for retail applications. “Over the last several years, Manitowoc has built a strong portfolio of leading brands serving the commercial foodservice industry, and we believe the value of Kysor/Warren will be better leveraged under Lennox's ownership,” said Glen E. Tellock, Manitowoc's chairman and chief executive officer. “In addition, this divestiture will allow us to intensify the focus on our strategic imperatives including greater innovation around our core brands, improving operational efficiencies across our global footprint, and driving organic growth opportunities.” Manitowoc will use the net proceeds of approximately $100 million from this sale to further reduce its secured debt and financial leverage. The transaction, which is expected to close in the first quarter of 2011, is subject to customary closing conditions, including regulatory approvals. At the closing of the transaction, employees of Kysor/Warren will transfer to the buyer. About The Manitowoc Company, Inc. The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with nearly 100 manufacturing, distribution, service, and/or office facilities in 26 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. Forward-looking StatementsThis 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 referenced in this press release to differ materially include, among others:Governmental, regulatory and/or third party approvals; andunanticipated issues that could impact the satisfaction of the conditions precedent to closing.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, 2009. The Manitowoc Company, Inc.Carl J. Laurino, Senior Vice President & Chief Financial Officer920-652-1720