Manitowoc is one of the worldвЂ™s leading providers of engineered lifting solutions. was founded in 1902 and has over a 118-year tradition of providing high-quality, customer-focused products and support services to its markets. A live audio webcast of the call, along with the related presentation, published in conjunction with this press release, can be accessed in the Investor Relations section of ManitowocвЂ™s website at A replay of the conference call will also be available at the same location on the website. The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss the transaction on Tuesday, July 20, 2021, at 10:00 a.m. We believe Manitowoc will provide further career opportunities for our crane employees and will also continue to offer first-class service to existing crane customers.вЂќ The sale of our crane business to Manitowoc represents a transformative event in H&EвЂ™s continued efforts to increase its focus in the equipment rental business, while positioning us for future growth opportunities. said, вЂњH&E has become one of the largest rental equipment companies in the U.S. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.Д«rad Barber, Chief Executive Officer of H&E Equipment Services, Inc. H&E has a long history and excellent reputation for serving the lifting industry, and we look forward to welcoming the H&E crane team to Manitowoc,вЂќ commented Aaron H. The purchase of H&EвЂ™s crane business is the next step in our journey to grow the less cyclical part of our business. вЂњOver the past few quarters, we have communicated that our intent is to grow through four strategic priorities, one of which is acquisitions focused on aftermarket. H&EвЂ™s crane business operates with eleven full-service branch locations. The acquisition of H&EвЂ™s crane business will expand ManitowocвЂ™s ability to provide rentals, new sales, used sales, aftermarket parts, and service to a variety of end market customers. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions and regulatory approvals. Under the terms of the agreement, Manitowoc is expected to pay approximately $130 million funded by a combination of cash on hand and existing debt availability. (вЂњH&EвЂќ) (NASDAQ: HEES), one of the largest rental equipment companies in the U.S. (NYSE: MTW) (the вЂњCompanyвЂќ or вЂњManitowocвЂќ), a leading global manufacturer of cranes and lifting solutions, announced today that it has entered into a definitive agreement to acquire the crane business of H&E Equipment Services, Inc. MILWAUKEEвЂ“(BUSINESS WIRE)вЂ“The Manitowoc Company, Inc. For important information, visit the company's website at ManitowocвЂ™s Growth Strategy in Key U.S. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. Meritor is based in Troy, Mich., United States, and is made up of approximately 8,600 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. The agreement between Meritor and Manitowoc extends and solidifies a mutually beneficial relationship that will have long-term impact for both companies.' Steve Luepke, director, Off-Highway for Meritor, said, ' Meritor's strength in manufacturing and vertical integration supports the reduced lead times required to be successful in growing markets. 'It also reinforces our commitment to invest and expand our position in off-highway markets.' 'As the mobile crane market continues to strengthen, this agreement positions Meritor as a key supplier to support crane production under Manitowoc's Groveв„ў brand,' said Joe Muscedere, vice president, Off Highway, Specialty & Defense, North America for Meritor. Meritor products will be featured on several crane types across Manitowoc's extensive portfolio. (NYSE: MTOR) today announced a new strategic supply agreement with The Manitowoc Co., Inc., one of the world's largest providers of lifting equipment for the global construction industry, to deliver multiple drivetrain products and solutions including planetary axles to the manufacturer.

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