ENODIS PLC AGREES TO RECOMMEND OFFER FROM THE MANITOWOC COMPANY, INC. FOLLOWING COMPLETION OF AUCTION PROCESS

Manitowoc to acquire Enodis for $2.7 billion

• Completion of transaction would position Manitowoc as a global leader in commercial foodservice equipment
• Provides opportunity to replicate the highly successful growth strategy employed in Manitowoc’s Crane segment
• Cost and revenue synergies are expected to exceed $80 million per annum by 2010
• Transaction expected to be EPS accretive in 2009 and EVA positive in 2011

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