NEWS For Immediate Release






                     MANITOWOC AND SHANNON REACH
                    ACQUISITION DEAL ON SECOND TRY


MANITOWOC, Wisconsin, October 25, 1995  ---  The Manitowoc Company,
Inc. (MTW), has signed an agreement to acquire 100% ownership of The
Shannon Group, Inc., a privately held manufacturer of commercial
refrigerators, freezers, and related products with 1995 sales expected
to be between $125-140 million.  Shannon is majority owned by
affiliates of Trivest, Inc., a private investment firm.

     A definitive agreement was signed late on October 24, following
negotiations that were resumed after a Manitowoc letter of intent to
purchase the firm had terminated without agreement on October 10.  The
transaction is subject to certain conditions, but has been approved by
the Manitowoc Board of Directors.

     Manitowoc confirmed the roughly $126-million purchase would be
financed through pre-arranged, favorable-rate bank debt.  The
agreement calls for an earnout payment, after closing, of up to $7
million, based on Shannon's 1995 earnings.  The closing is expected to
be completed by early to mid-December of this year.

     ``I'm very happy we were finally able to reach an agreement that
will benefit our company, Shannon employees, and customers alike,''
said Fred M. Butler, Manitowoc president and chief executive officer.

     ``Shannon is a market leader with quality products and an
experienced management team that we intend to keep in place.  The
company has been an excellent performer and we don't intend to do
anything that might jeopardize future results,'' said Butler.

     Shannon production and distribution will continue to operate
independently, reporting directly to Robert K. Silva, Manitowoc chief
operating officer.

     Shannon is headquartered in Brentwood, Tennessee, near Nashville.
It has nine manufacturing facilities, located in Tennessee, Wisconsin,
and Iowa, and about 1,200 employees.

     With its respected and recognized Kolpak, Polar-Pak, McCall, and
Tonka brands, Shannon offers a broad line of commercial refrigeration
products ranging from small undercounter units to 300,000  sq-ft self-
contained refrigerated warehouses.  Its customers include many of the
major quick-service and family restaurant chains and grocery chains in
the nation.

     Gary Hainley, Shannon president and chief executive officer,
said, ``I believe Shannon has the most automated and lowest-cost
production processes in the industry.  We also have the manufacturing
capacity to grow our current markets without the need to make major
investments in new facilities.''

     ``The acquisition of Shannon provides Manitowoc a solid base for
continued growth in the foodservice field,'' said Butler.  ``And with
the increasing contribution we expect from our ice machine and
commercial refrigeration businesses, which have a better market
outlook than some of our other operations, Manitowoc has the
opportunity to reduce, and even eliminate, the past cyclical nature of
our overall performance,'' concluded Butler.

     Schroder Wertheim & Co., Incorporated acted as Manitowoc's
financial advisor in connection with this transaction, and Bowles
Hollowell Conner & Co. acted as financial advisor to Shannon.

     The Manitowoc Company is a leading producer of cranes and related
products, commercial ice machines, commercial reach-in refrigerators
and freezers, and also specializes in ship repair work on the Great
Lakes.

Company contact:


Robert R. Friedl
Chief Financial Officer
414-683-8136