Profile: The Manitowoc Company, Inc. (MTW)

The Manitowoc Company, Inc. (Manitowoc) is a multi-industry, capital goods manufacturer in two principal markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). The Company’s Crane business is a global provider of engineered lift solutions, offering a line of lifting equipment. The Company designs, manufactures, markets, and supports a line of crawler cranes, mobile telescopic cranes, tower cranes, and boom trucks. The Foodservice business manufactures commercial foodservice equipment serving the ice, beverage, refrigeration, food preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare and institutional applications. On October 27, 2008, the Company completed its acquisition of Enodis plc (Enodis), engaged in the design and manufacture of equipment for the commercial foodservice industry. On December 31, 2008, the Company completed the sale of its Marine segment to Fincantieri Marine Group Holdings Inc., a subsidiary of Fincantieri-Cantieri Navali Italiani SpA. In May 2009, the Company completed the agreement to sell the Enodis ice machine operations to affiliates of certain funds managed by Warburg Pincus LLC.

Cranes and Related Products

The Crane segment designs, manufactures and distributes a line of crawler mounted lattice-boom cranes, which it sells under the Manitowoc name. The Crane segment also designs and manufactures a line of top slewing and self erecting tower cranes, which wit sells under the Potain name. The Company designs and manufactures mobile telescopic cranes, which it sells under the Grove, Shuttlelift, and Dongyue names, and a line of hydraulically powered telescopic boom trucks, which it sells under the National Crane brand name. It also provides crane product parts and services, and crane rebuilding and remanufacturing services, which are delivered under the Crane CARE brand name. In some cases the products are manufactured for the Company or distributed for it under alliances. Its crane products are used in a variety of applications throughout the world, including energy and utilities, petrochemical and industrial projects, infrastructure development, such as road, bridge and airport construction, and commercial and residential construction.

Lattice-boom cranes consist of a lattice-boom, which is a fabricated, steel structure that has four chords and tubular lacings, mounted on a base, which is either crawler or truck mounted. The Company offers models of lattice-boom cranes with lifting capacities up to 2,500 United States tons, which are used to lift material and equipment in a variety of applications and end markets, including heavy construction, bridge and highway, duty cycle and infrastructure and energy related projects. It also offers its lattice-boom crawler crane customers various attachments that provide its cranes with capacity in terms of height, movement and lifting. Its principal attachments are MAX-ER attachment, luffing jibs, and RINGER attachments. The Company offers a line of tower crane products, including top slewing, luffing jib, topless, self-erecting, and special cranes for dams, harbors and other large building projects. The Company offers four types of mobile telescopic cranes capable of reaching tip heights of 427 feet with lifting capacities up to 550 tons: rough terrain, all-terrain, truck mounted, and industrial. It producea, under the Grove brand name, 10 models of rough terrain cranes capable of tip heights of up to 279 feet and maximum load capacities of up to 130 United States tons.

The Company competes with Hitachi Sumitomo, Kobelco, Liebherr, Sumitomo/Link-Belt, XCMG, Fushun, Zoomlion, Sany, Comansa, Terex Comedil/Peiner, FM Gru, Jaso, Raimondi, Viccario, Saez, Benezzato, Cattaneo, Sichuan Construction Machinery, Shenyang, Jianglu, Yongmao, Tadano, Kato, Locatelli, Marchetti, Luna, Broderson, Valla, Ormig, Bencini, Zoomlion, Manitex, Altec, Elliott, Tadano, Fassi, Palfinger, Furukawa and Hiab.

Foodservice Equipment

The Company’s Foodservice Equipment business designs, manufactures and sells primary cooking and warming equipment; ice-cube machines, ice flaker machines and storage bins; refrigerator and freezer equipment; ware washing equipment; beverage dispensers and related products; serving and storage equipment, and food preparation equipment, cookware, kitchen utensils and tools. Its suite of products is used by commercial and institutional foodservice operators, such as full service restaurants, quick-service restaurant (QSR) chains, hotels, industrial caterers, supermarkets, convenience stores, hospitals, schools and other institutions. The Company designs, manufactures and sells an array of ranges, griddles, grills, combination ovens, convection ovens, conveyor ovens, rotisseries, induction cookers, broilers, tilt fry pans/kettles/skillets, braising pans, cheese melters/salamanders, cook stations, table top and counter top cooking/frying systems, filtering systems, fryers, hotdog grills and steamers, steam jacketed kettles, steamers and toasters.

The Company sells traditional oven, combi oven, convection oven, conveyor oven, accelerated cooking oven, range and grill products under the Garland, Lincoln, Merrychef, U.S. Range, Technyform, Moorwood Vulcan and other brand names. Fryers and frying systems are marketed under the Frymaster, Dean and Moorwood Vulcan brand names, while steam equipment is manufactured and sold under the Cleveland and Convotherm brands. In addition to cooking, it provides a range of warming, holding, merchandising and serving equipment under the Delfield, Fabristeel, Frymaster, Merco, Savory, and other brand names. It designs, manufactures and sells ice machines under the Manitowoc brand name, serving the foodservice, convenience store, healthcare, restaurant and lodging markets. The Company designs, manufactures and sells commercial upright and undercounter refrigerators and freezers, blast freezers, blast chillers and cook-chill systems under the Delfield, McCall, Koolaire, Tecnomac and Sadia Refrigeration brand names.

Under the brand name Jackson, the Company designs, manufactures and sells warewashing equipment and other equipment, including racks and tables. It produces beverage dispensers, ice/beverage dispensers, beer coolers, post-mix dispensing valves, backroom equipment and support system components and related equipment for use by quick service restaurants, convenience stores, bottling operations, movie theaters, and the soft-drink industry. The Company’s beverage and related products are sold under the Servend, Multiplex, Scotsman Beverage System, TruPour, Manitowoc Beverage Systems and McCann’s brand names. The Company’s equipment stations, cases, food bars and food serving lines are marketed under the Delfield, Viscount and other brand names. The key brand names for food preparation equipment include Varimixer, Lincoln, Centurion, Wearever and Redco.

The Company competes with Hoshizaki, Scotsman, Follet, Ice-O-Matic, Brema, Aucma, Vogt, Automatic Bar Controls, Celli, Cornelius, Hoshizaki/Lancer Corporation, Vin Service, Ali Group, Electrolux, Dover Industries, Duke, Henny Penny, ITW, Middleby, Rational, American Panel, ICS, Nor-Lake, Master-Bilt, Thermo-Kool, W.A. Brown, Bally, Arctic, Beverage Air, Traulsen, True Foodservice, TurboAir, Masterbilt, Alto Shaam, Cambro, Hatco, Standex, Vollrath, Bizerba, German Knife, Globe, Univex, ADS, Auto-Chlor, Insinger, Meiko and Winterhalter.