U.S. Dept. of Commerce Initiated Investigation to Address Import Surge

The Manitowoc Company, Inc. (NYSE: MTW), (the “Company” or “Manitowoc”) today issued the following statement in response to the announcement by the United States Department of Commerce that the agency will initiate a 232 investigation of mobile crane imports. The Commerce Department’s investigation is in response to a petition Manitowoc filed in December.

“Manitowoc filed this petition to urge the Department of Commerce to investigate a recent surge of mobile crane imports that threatens domestic manufacturers,” Manitowoc President and Chief Executive Officer Barry L. Pennypacker said. “These imports jeopardize the domestic industry’s ability to supply cranes to the U.S. military and support critical infrastructure, thereby undermining the national security of the United States. We are confident this investigation will demonstrate the urgent need for the President to provide immediate and meaningful relief for Manitowoc. This petition is about protecting our American workforce and preserving our longstanding commitments to the U.S. military.”

Since 2014, mobile crane imports to the U.S. have jumped by 152 percent and captured significant U.S. market share. Without import relief, the U.S military and military contractors would become largely dependent on foreign producers of mobile cranes. Section 232 of the Trade Expansion Act of 1962 gives the Department of Commerce authority to initiate investigations to determine the effects of imports on the national security. The investigation will determine “whether the importation of the article in question is in such quantities or under such circumstances as to threaten to impair the national security.”

  • Manitowoc is the largest U.S. mobile crane manufacturer and a critical partner with the U.S. military.
  • Manitowoc employs approximately 1,400 employees in the United States, mostly at its facility in Shady Grove, Pennsylvania, where the company manufactures mobile cranes it sells in the U.S.
  • Manitowoc has been supplying mobile cranes to all branches of the U.S. military since 1961, producing 100 percent of the military’s all-terrain cranes and about two-thirds of its rough terrain cranes.
  • Manitowoc’s mobile cranes are integral to the construction and repair of America’s infrastructure, playing a vital role at nuclear plants, dams, roads, bridges and in the energy and telecommunications sectors.

About The Manitowoc Company, Inc.

The Manitowoc Company, Inc. (“Manitowoc”) was founded in 1902 and has over a 117-year tradition of providing high-quality, customer-focused products and support services to its markets, and its 2019 net sales were approximately $1.83 billion. 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 telescopic cranes, tower cranes, lattice-boom crawler cranes, and boom trucks under the Grove, Manitowoc, National Crane, Potain, Shuttlelift and Manitowoc Crane Care brand names.

Ion Warner VP, Marketing and Investor Relations +1 414-760-4805

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