The Manitowoc Company Withdraws from CONEXPO

Rhea-AI Summary

The Manitowoc Company (NYSE: MTW) has announced its withdrawal from the CONEXPO-CON/AGG 2023 trade show. This decision is attributed to several price increases that have been passed onto customers, prompting the company to reassess its investments in large trade shows. President and CEO Aaron Ravenscroft emphasized the company's commitment to investing in new products, with plans to showcase innovations at the upcoming bauma show in October 2022. Manitowoc will also host a Crane Days event in Shady Grove, Pennsylvania in the future.

Positive

• None.

Negative

• Withdrawal from CONEXPO-CON/AGG 2023 may signal reduced marketing presence.
• Decision highlights potential challenges with inflation affecting business strategy.

MILWAUKEE, Wis.--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or “Manitowoc”) a leading global manufacturer of cranes and lifting solutions, today announced its withdrawal from the CONEXPO-CON/AGG 2023 trade show.

“Over the last 18 months, Manitowoc has taken a multitude of actions to manage inflation. Due to the several price increases that we’ve passed on to our customers, we do not believe it’s appropriate to invest in a second, large tradeshow at this time,” said President and Chief Executive Officer, Aaron Ravenscroft. “We continue to invest heavily in new products and look forward to showing our latest developments at the upcoming bauma show in October 2022. As an alternative to CONEXPO, we intend to host a Crane Days event at our Shady Grove, Pennsylvania location at a later date.”

About The Manitowoc Company, Inc.

The Manitowoc Company was founded in 1902 and has over a 120-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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220628006029/en/

Ion Warner

SVP, Marketing and Investor Relations

+1 414-760-4805

Source: The Manitowoc Company, Inc.

FAQ

Why did Manitowoc withdraw from CONEXPO-CON/AGG 2023?

Manitowoc withdrew due to multiple price increases passed on to customers, leading to a reassessment of their investment in large trade shows.

What will Manitowoc showcase instead of CONEXPO-CON/AGG 2023?

Manitowoc plans to showcase its new products at the bauma show in October 2022 and will host a Crane Days event in Shady Grove, Pennsylvania.

What is the significance of Manitowoc's withdrawal from the trade show?

The withdrawal reflects the company's focus on managing inflation and reallocating resources, which may impact its market visibility.