24 May 2000
The Manitowoc Company, Inc. announced today that Ronald L. Schad, executive vice president and general manager of Manitowoc Cranes, Inc., the company’s lattice-boom liftcrane unit, has resigned to accept a position as president and chief executive officer of Essex Crane Rental Corporation.

Based in Hasbrouck Heights, New Jersey, Essex is one of the largest crane rental operations in the country. Its rental fleet consists entirely of Manitowoc cranes and includes over 400 crawler cranes and related attachments. Kirtland Capital Partners, a financial partnership based in Cleveland, Ohio and management have purchased the assets of Essex Crane Rental Corporation. Essex Crane Rental has been a Manitowoc customer for over 30 years and is one of the key customers whose input was instrumental in the design of Manitowoc’s newest crane, the 275-ton
capacity Model 999 liftcrane, which was introduced last week at the Intermat trade show in Paris.

“While we are sad to see Ron leave the Manitowoc family, we can’t imagine a more qualified individual to head Essex Crane Rental,” said
Terry Growcock, Manitowoc’s president and chief executive officer.
“Ron has been a tremendous asset to Manitowoc and is intimately familiar with the heavy liftcrane market. We look forward to a long association
with Ron and Essex Cranes.” Schad will assist Manitowoc Cranes during the transition period to new management.

“We are well under way in an intensive internal and external search for Ron’s replacement,” continued Growcock. “This is the premier position in the industry and we hope to have an individual on board shortly as we continue to aggressively grow the crane segment of our business through
internal development and selective acquisitions.”