The Manitowoc Company, Inc. (NYSE: MTW) today announced that it has acquired the remaining 31.3 percent of Hangzhou Manitowoc Wanhua Refrigeration Co., its Chinese ice-machine joint venture, from the company's partner, Hangzhou Household Electric Appliance Industrial Corporation. Terms of the deal were not disclosed. The subsidiary has been renamed Manitowoc (Hangzhou) Refrigeration Co., Ltd.

"We are excited about acquiring 100% ownership of Manitowoc (Hangzhou) Refrigeration," stated Tim Kraus, executive vice president and general manager of Manitowoc's Ice/Beverage Group. "Not only is this joint venture profitable, but all start-up costs for the operation, which began in 1995, have been recouped. Manitowoc (Hangzhou) Refrigeration's ability to manufacture products to our specifications and high standards, coupled with its access to key international customers, should continue to bode well for the success of our operations in the growing Asian/Pacific marketplace and particularly in the dynamic Chinese market."

Manitowoc (Hangzhou) Refrigeration manufactures the QM Series ice machines for Manitowoc. In addition, the operation builds the Q130 and Q210 and will begin producing the Q450 and Q600 lines of ice machines later this year for the Chinese market. Manitowoc (Hangzhou) Refrigeration also serves Southeast Asia and exports product to the Middle East, Europe, and North America.

"We are very pleased to be part of the Manitowoc family of industry- leading foodservice equipment companies," said Ning Wen, Ph.D., Manitowoc (Hangzhou) Refrigeration's general manager. "Manitowoc's commitment to our operation demonstrates its confidence in our outstanding capabilities of manufacturing and marketing in China. In addition, the completion of this transaction provides Manitowoc (Hangzhou) with the resources to improve its technology, expand manufacturing, and enhance its new-product development efforts."

The Manitowoc Company, Inc. is a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment for the foodservice industry. It is also a leading producer of lattice-boom cranes, boom trucks, and related products for the construction industry, and specializes in ship repair, conversion, and new construction services for the Great Lakes maritime industry.

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. These statements include, but are not limited to, those relating to the future contribution of Manitowoc (Hangzhou) Refrigeration Co., Ltd. to Manitowoc. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the company's actual results of operations are 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, 1999.