MANITOWOC, WI – January 27, 2003 – The Manitowoc Company (NYSE: MTW) has successfully launched the U.S. Coast Guard Cutter HOLLYHOCK, the fourteenth ship in a series of 16 seagoing buoy tenders being built at Manitowoc’s Marinette Marine subsidiary. This 225-foot, Juniper-class vessel is part of a series of contracts that were awarded to Marinette in 1993 and 1998.

"HOLLYHOCK and her sister cutters are highly sophisticated vessels that will enable the U.S. Coast Guard to effectively perform a wide variety of missions," said Terry D. Growcock, Manitowoc’s chairman and chief executive officer. "We are proud that the Coast Guard has chosen us to build these vessels, which will operate along America’s coastlines and be an integral part of our nation’s homeland security initiative."

The launch ceremony, which took place on January 25, featured Rear Admiral Ronald F. Silva, Commander of the Ninth Coast Guard District as the keynote speaker, with Beverly Ann Silva, the admiral’s wife and sponsor of the ship, performing the traditional christening ceremony.

The U.S. Coast Guard Cutter HOLLYHOCK will operate from Port Huron, Michigan, under the command of Lt. Michael McBrady, who will oversee its crew of six officers and 34 enlisted personnel. HOLLYHOCK and her sister cutters now operating in both the Atlantic and Pacific Oceans are equipped to perform search and rescue, law enforcement, pollution response, and domestic icebreaking missions, as well as servicing aids to navigation.

The USCGC HOLLYHOCK is named after a previous Coast Guard cutter with the same name that served the United States from 1937 through 1982. The original HOLLYHOCK was launch-ed at DeFoe Boat and Motorworks in Bay City, Michigan, and was initially commissioned as part of the fleet operated by the U.S. Lighthouse Service. When this government agency became part of the Coast Guard in 1939, HOLLYHOCK provided 43 additional years of distinguished service before it was decommissioned from the Coast Guard’s fleet on March 31, 1982.

In addition to the Juniper-class buoy tenders being built for the U.S. Coast Guard, Marinette Marine is constructing three 310-foot passenger ferries for New York City’s Department of Transportation. In October 2001, the company was also awarded an $82.4-million contract to build a new Great Lakes icebreaker that will replace the USCGC MACKINAW.

About The Manitowoc Company
The Manitowoc Company, Inc. is the world's largest provider of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile hydraulic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold foodservice equipment in the industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the maritime industry.

Forward Looking Statements
Any statements in this news release concerning Manitowoc’s continued success with the U.S. Coast Guard and its commercial customers are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. These factors include, but are not limited to, those relating to Manitowoc’s ability to win shipbuilding contracts, price and availability of steel and other construction materials, potential labor disputes, and other liabilities. 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 Report on Form 10-K for the fiscal year ended December 31, 2001.

Company Contact:
Steve C. Khail
Director of Investor Relations & Corporate Communications
920-652-1713