The Manitowoc Company Statement about Its Business in Russia

Rhea-AI Summary

The Manitowoc Company (NYSE: MTW) announced it has halted operations in Russia due to the ongoing Ukraine conflict, stopping new crane orders. Sales to Russia constituted less than 2% of total sales in 2021, impacting around 20 local employees. CEO Aaron H. Ravenscroft stated the company prioritizes the safety of their team and complies with sanctions. Manitowoc is a prominent manufacturer of cranes and lifting solutions, with a history dating back to 1902, offering a wide range of products under various brand names.

Positive

• Sales in Russia were under 2% of total sales in 2021, minimizing impact on overall revenue.
• Company complies with sanctions, ensuring legal and ethical operations.

Negative

• Halting operations in Russia may impact local employees and company reputation in the region.

MILWAUKEE--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”), a leading global manufacturer of cranes and lifting solutions, announced today that it has been curtailing its operations in Russia since the beginning of the conflict in Ukraine and stopped taking new crane orders. With roughly 20 local employees, sales to Russia were less than two percent of total sales in 2021. Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc. commented, “While doing our best to support our local team members, we have and will continue to comply with all sanctions and conduct our business in accordance with all applicable laws. The safety and well-being of our employees and their families are our top priorities.”

About The Manitowoc Company, Inc.

The Manitowoc Company, Inc. was founded in 1902 and has over a 119-year tradition of providing high-quality, customer-focused products and support services to its markets. Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain and Shuttlelift brand names.

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:

• The negative impacts COVID-19 has had and will continue to have on Manitowoc’s business, financial condition, cash flows, results of operations and supply chain, as well as customer demand (including future uncertain impacts);
• actions of competitors;
• changes in raw material and commodity prices;
• changes in economic or industry conditions generally or in the markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment;
• failure to comply with regulatory requirements related to the products the Company sells;
• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;
• the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures or other significant transactions;
• unanticipated changes in revenues, margins and costs;
• geographic factors and political and economic conditions and risks;
• the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;
• risks and factors detailed in Manitowoc's 2021 Annual Report on Form 10-K and its other 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 Reports on Form 10-K for the fiscal years ended December 31, 2021.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220401005444/en/

Ion Warner

VP, Marketing and Investor Relations

+1 414-760-4805

Source: The Manitowoc Company, Inc.

FAQ

What is Manitowoc's stock symbol?

Manitowoc's stock symbol is MTW.

Why has Manitowoc stopped operations in Russia?

Manitowoc halted operations in Russia due to the ongoing conflict in Ukraine and compliance with sanctions.

How much did Manitowoc sell to Russia in 2021?

In 2021, sales to Russia represented less than 2% of Manitowoc's total sales.

Who is the CEO of Manitowoc?

The CEO of Manitowoc is Aaron H. Ravenscroft.

When did Manitowoc stop taking new orders in Russia?

Manitowoc stopped taking new crane orders in Russia at the beginning of the Ukraine conflict.