Nov 17, 2003
Kobelco Construction Machinery and Manitowoc Crane Group had signed crawler crane agreement

Kobelco Construction Machinery Co. of Japan and Manitowoc Crane Group, a business entity of The Manitowoc Company, Inc.(NYSE:MTW) had signed crawler crane agreement, under which Kobelco will supply its lattice boom crawler crane models under 150 U.S.tons on an OEM basis to Manitowoc Crane Group in the Americas region. These Manitowoc -branded products will be introduced in the second quarter of 2004 through the exsisting dealer network of Manitowoc with having well differentiated features in comparison to Kobelco's own product offering.

Kobelco will continue to market and distribute its own full-line of lattice boom crawler cranes, from 55 U.S.tons to 250 U.S.tons, and will support its products under its current distribution system in the Americas.

Takashi Ishida, a president of Kobelco Construction Machinery Co., said : "Manitowoc Crane Group has a magnificent reputation around the world and offers a strong distribution network in the Americas region. I am excited about this Two Giants joining forces."

Ishida also says "We are happy to supply our products to Manitowoc, most reliable partner we could ever find in our industry. I believe that the two company share the same philosophy that when approaching towards the market, we focus closely on customers requirement with special care. As the world's leading crane manufaturer on both end, our task is to bring reliable products with high standard of quality assuring safety."

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 foodservice equipment in the industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the maritime industry.

About Kobelco Construction Machinery Co.

Kobelco Construction Machinery Co. is one of Japan's largest manufacturers of construction equipment. The company started in 1930 as a division of Kobe Steel and produced the first ever piece of construction machinery built in Japan, an electric mining shovel. Today it manufactures a wide range of construction machinery, which is sold worldwide, including a range of crawler cranes from 39 U.S. tons to 882 U.S. tons capacity and a line of rough-terrain mobile cranes. In 1999 the company was separated from the main Kobe Steel group and today it operates as an independent subsidiary, although Kobe Steel remains the majority shareholder.