NEWS FOR IMMEDIATE RELEASE







                 THE MANITOWOC COMPANY ACQUIRES

                  MARINETTE MARINE CORPORATION





      Acquisition Forms the Largest and Most Cost-Effective

   Shipbuilding and Repair Organization on the U.S. Great Lakes





MANITOWOC, WI - October 20, 2000 - The Manitowoc Company, Inc.,

(NYSE: MTW), a diversified manufacturing company with market-

leading operations in foodservice equipment, lattice-boom cranes,

and marine services, announced today that it has signed an

agreement to purchase the stock of Marinette Marine Corporation.

Located in Marinette, Wisconsin, just across Green Bay from

Manitowoc's Bay Shipbuilding facility, Marinette Marine operates

one of the largest shipyards on the U.S. Great Lakes.  Marinette

was acquired for approximately $48.0 million as part of an all-

cash transaction, with the final price subject to certain closing

balance sheet adjustments. The transaction, which is expected to

close within 30 days pending regulatory approvals, will be

financed using Manitowoc's existing credit facility.



"Marinette Marine is one of the most efficient builders of mid-

sized commercial, research, and military vessels in the country

and will be a key strategic fit with the industry-leading





inspection, maintenance, repair, and new-construction facilities

that comprise Manitowoc Marine Group," stated Terry D. Growcock,

Manitowoc's president and chief executive officer.  "Together,

the combined organization forms a combination that will not only

have a significant presence on the Great Lakes, but will be one

of the most cost-effective shipbuilding and repair organizations

in the entire United States.



"The acquisition, which we expect will be accretive to our 2001

outlook, should not only give us the leading position in building

mid-sized vessels for the U.S. Government, it will enhance our

ability to serve the Great Lakes ship-repair market as well as

providing the engineering strength, operational depth, and

critical mass to pursue additional projects," added Growcock.



"For more than 50 years, our two organizations have set the

standard for quality and service on the Great Lakes and in

shipbuilding for the U.S. Government," said Dan Gulling,

president and chief executive officer of Marinette Marine.  "This

historic combination allows us to offer our existing customers

unparalleled capabilities and opens potential avenues for new

shipbuilding opportunities, as well."



A privately held corporation, Marinette has revenues of

approximately $100 million with EBITDA margins approaching 10

percent. The company is currently under contract to build six

ocean-going buoy tenders for the United States Coast Guard, as

well as two 269-foot APL barracks barges for the U.S. Navy.

Marinette Marine presently employs more than 800 individuals and





features complete in-house capabilities for all shipbuilding

disciplines.



"This acquisition is a great addition to our present operations,"

explained Tom Byrne, the recently appointed president and general

manager of Manitowoc's Marine Group.  "Marinette's close

proximity to our Sturgeon Bay yard should allow us to easily

balance work across the two facilities.  In addition, Marinette,

which is well known for its highly efficient production line

approach to shipbuilding, will enable us to serve a broader range

of customers with the best array of facilities, capabilities, and

expertise of any Great Lakes shipyard."



The Manitowoc Company will host a conference call today, October

20, at 10:00 am Eastern Standard Time. The call will also be

broadcast live via the Internet at Manitowoc's web site:

http://www.manitowoc.com.



 The Manitowoc Company, Inc. is a leading manufacturer of ice-

cube machines, ice/beverage dispensers, and commercial

refrigeration equipment for the foodservice industry.  It is also

a leading producer of lattice-boom cranes, boom trucks, and

related products for the construction industry, and specializes

in ship repair, conversion, and new-construction services for the

Great Lakes maritime industry.













Any statements contained herein that are not historical facts 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 statements include, but are not limited to,

those relating to the success of acquisitions, prospects for the

company's marine operations, revenue growth of the company and/or

its business segments, achieving market leadership in the

company's business segments, and future market strength for the

company's business segments.  Information on the potential

factors that could affect the company's actual results of

operations are 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, 1999.







For further information:

Glen E. Tellock

Senior Vice President & Chief Financial Officer

Telephone: (920) 683-8122