The Manitowoc Company Announces the Appointment of John O. Stewart as Chief Financial Officer of Manitowoc Foodservice

MANITOWOC, Wis.

The Manitowoc Company, Inc. (NYSE: MTW) announced today that John O. Stewart has been appointed chief financial officer of Manitowoc Foodservice, Inc., effective November 9.

“John is a seasoned leader with more than 20 years of experience in the food and beverage industries. He brings a wealth of knowledge and skill to this role,” commented Hubertus Muehlhaeuser, chief executive officer, Manitowoc Foodservice, Inc. “As Manitowoc Foodservice advances toward the planned separation from Manitowoc Cranes in early 2016, John’s expertise will be invaluable in driving improved financial performance across the business. We have a solid team in place, and we are enthusiastic about the opportunities ahead of us.”

Most recently, John Stewart was executive vice president, chief financial officer, and chief administrative officer of Hostess Brands, Inc. While at Hostess, he led the development of a turnaround plan aimed at transforming the business during its financial restructuring.

Prior to that, John was executive vice president and chief financial officer of Dr. Pepper Snapple Group Inc., where he helped oversee the company’s 14-month sale and spin-off process, resulting in profitable growth for the stand-alone business with a significant increase in stock valuation.

Earlier in his career, John held various finance roles in North America and Europe in both the food and beverage divisions of Diageo PLC, the leading premium spirits business in the world, driving increased revenue and profit through acquisitions, restructurings, and strong organic growth.

Mr. Stewart holds a Bachelor of Accountancy from the University of Glasgow and is a member of the Institute of Chartered Accountants of Scotland.

About The Manitowoc Company, Inc.

Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with 92 manufacturing, distribution, and service facilities in 25 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry. Manitowoc is also one of the world’s leading innovators and manufacturers of commercial foodservice equipment, which includes 24 market-leading brands of hot- and cold-focused equipment. In addition, both segments are complemented by a slate of industry-leading product support services. In 2014, Manitowoc’s revenues totaled $3.9 billion, with approximately half of these revenues generated outside of the United States.

Forward-looking Statements

This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These 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, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. 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 that 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:

• possible negative effects on the Company’s business operations, assets or financial results as a result of the planned separation of the Company into two independent publicly-traded companies;
• capitalization of the two independent companies;
• unanticipated changes in revenues, margins, costs, and capital expenditures;
• the ability to significantly improve profitability;
• the ability to increase operational efficiencies across each of Manitowoc’s business segments and to capitalize on those efficiencies;
• realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies, and options; and
• risks and other factors cited in Manitowoc’s filings with the United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. 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, 2014.

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The Manitowoc Company, Inc.
Thomas G. Musial, 920-652-1738
Senior Vice President, Human Resources and Administration