MANITOWOC, Wis., Aug. 4 /EMWNews/ -- The Manitowoc

Company, Inc. (NYSE: MTW) today announced that it has signed a definitive

purchase agreement to sell the stock of its Marine segment to Fincantieri

Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali

Italiani SpA (Fincantieri). Lockheed Martin Corporation (NYSE: LMT) has

agreed to be a minority investor with Fincantieri in the proposed

acquisition. The transaction, which is valued at $120 million (subject to

certain closing adjustments), is an all-cash deal that is anticipated to

close at the end of 2008. The sale is subject to customary clearances for

transactions of this type including U.S. antitrust and certain U.S.

security agencies.



    Manitowoc Marine Group (MMG) is a full-service shipbuilding, ship

repair, and ship conversion organization that operates facilities in

Sturgeon Bay, Wisconsin; Marinette, Wisconsin; and Cleveland, Ohio. Serving

a broad base of commercial, military, and government customers that operate

vessels both on and off the Great Lakes, MMG employs a workforce of 1,587

at its Bay Shipbuilding, Marinette Marine, and Cleveland Shiprepair

operations.



    In announcing the pending sale, Glen E. Tellock, Manitowoc's president

and chief executive officer, said: "As our legacy business, Marine led the

way in establishing Manitowoc's tradition of integrity, commitment to

stakeholders, and passion for excellence -- the values that have driven the

success for all three of our segments. In addition, this transaction

expands the opportunities for MMG to continue its industry leadership in

the future. More importantly, it will allow MMG to become part of a

growing, global organization that is exclusively focused on commercial and

military shipbuilding."



    "This transaction will allow Manitowoc to focus its financial assets

and managerial resources on the growth of its increasingly global crane and

foodservice businesses. It also will allow us to invest the proceeds from

the sale to generate additional shareholder value," Tellock added.



    Assuming a timely completion of this sale by year-end, the transaction

is expected to generate a per-share, after-tax gain of approximately $0.60.

Manitowoc intends to use the after-tax proceeds for general corporate

purposes, which include pay down of debt anticipated as a result of the

pending acquisition of Enodis.



    Merrill Lynch & Co. served as financial advisor to Manitowoc in this

transaction.



    Forward-looking Statements



    This 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 to

differ materially include, among others:






    -- unanticipated changes in revenues, margins, costs, and capital

       expenditures;

    -- issues associated with new product introductions;

    -- matters impacting the successful and timely implementation of ERP

       systems;

    -- foreign currency fluctuations;

    -- increased raw material prices;

    -- unexpected issues associated with the availability of local suppliers

       and skilled labor;

    -- unanticipated changes in consumer spending;

    -- unanticipated changes in global demand for high-capacity lifting

       equipment;

    -- the risks associated with growth;

    -- geographic factors and political and economic risks;

    -- actions of competitors;

    -- changes in economic or industry conditions generally or in the markets

       served by Manitowoc;

    -- the state of financial and credit markets;

    -- unanticipated issues associated with refresh/renovation plans by

       national restaurant accounts;

    -- efficiencies and capacity utilization of facilities;

    -- issues related to new facilities and expansion of existing facilities;

    -- work stoppages, labor negotiations, and labor rates;

    -- award of military and commercial ship and barge construction contracts;

    -- government approval and funding of projects;

    -- the ability of our customers to receive financing;

    -- the ability to complete and appropriately integrate restructurings,

       consolidations, acquisitions, divestitures, strategic alliances, and

       joint ventures, and in particular, the successful and timely completion

       of the sale of Manitowoc Marine Group;

    -- in connection with previously announced proposed sale of Manitowoc

       Marine Group, the anticipated tax gain, the expected timing and

       conditions precedent, unanticipated issues associated with the

       satisfaction of conditions precedent and obtaining regulatory

       approvals, the terms and conditions of any regulatory approvals,

       anticipated earnings impact, and estimated costs to be incurred in

       completing the proposed sale;

    -- in connection with previously announced proposed acquisition of Enodis

       plc, the ability to complete and appropriately and timely integrate the

       proposed acquisition of Enodis, the expected timing and conditions

       precedent, unanticipated issues associated with the satisfaction of

       conditions precedent and obtaining regulatory approvals, the terms and

       conditions of any regulatory approvals, anticipated earnings

       enhancements, estimated cost savings and other synergies and the

       anticipated timing to realize those savings and synergies, estimated

       costs to be incurred in completing the proposed acquisition and in

       achieving synergies, potential divestitures and other strategic

       options; and

    -- risks and other factors cited in the company's filings with the United

       States Securities and Exchange Commission.



    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, 2007.

    About The Manitowoc Company, Inc.



    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.