Manitowoc Company Statement on Business in Russia | 2022-04-01 | Press Releases

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The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”), one of the world’s leading manufacturers of cranes and lifting solutions, today announced that it has curtailed operations in Russia since the start of the conflict in Ukraine and has stopped taking new orders for cranes. With approximately 20 local employees, sales in Russia accounted for less than 2% of total sales in 2021. Aaron H. Ravenscroft, president and CEO of The Manitowoc Company, Inc., said, “While doing our best to support members of our local team, we have and will continue to comply with all sanctions and conduct our business in compliance with all applicable laws. The safety and well-being of our employees and their families are our top priorities.”

About Manitowoc Company, Inc.

The Manitowoc Company, Inc. was founded in 1902 and has a more than 119-year tradition of providing high-quality, customer-focused products and support services in 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 complete lines of mobile hydraulic cranes, lattice boom crawler cranes, boom trucks and underfloor tower cranes. brands Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain and Shuttlelift brands.

Forward-looking statements

This press release contains “forward-looking statements” intended to qualify for Safe Harbor against liability under the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not facts statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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, but are not limited to, statements generally containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar scope. 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 which 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 that COVID-19 has had and will continue to have on Manitowoc’s business, financial condition, cash flow, results of operations and supply chain, as well as on customer demand ( including uncertain future impacts);
  • actions of competitors;
  • changes in raw material and commodity prices;
  • changes in general economic or industry conditions or in the markets Manitowoc serves;
  • unforeseen changes in customer demand, including changes in global demand for heavy-duty lifting equipment, changes in demand for lifting equipment in emerging economies, and changes in demand for second hand lifting;
  • non-compliance 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 material transactions;
  • unexpected changes in revenues, margins and costs;
  • geographic factors and political and economic conditions and risks;
  • the ability to increase Manitowoc’s operational efficiency and capitalize on that efficiency;
  • 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 disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements speak only as of the date they are made. Information about 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 years ended December 31, 2021.

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