News Release

September 13, 2005

Manitowoc Crane Group Signs CraneCREDIT Program Agreement in Australia / New Zealand with De Lage Landen

Stephen Lazenby (W.A. Truck and Machinery), David Keating (Crane Investments), Ian Ritchie (De Lage Landen Financial Services), David Hull (Manitowoc), Gino DeCesare (Crane Investments), Michael McInerney (De Lage Landen Financial Services)

De Lage Landen Financial Services, a leading international provider of high-quality asset-based financing products to manufacturers and distributors of capital goods, and Manitowoc Crane Group are pleased to announce the signing of a program agreement to support their mutual relationship in Australia and New Zealand.

The new program agreement, including both wholesale and retail programs, expands an existing relationship between the two companies. 

“The signing of the program agreement for Australia and New Zealand is another step forward in solidifying the Manitowoc/De Lage Landen global relationship. This move is proof of the commitment we have in providing our customers in Australia and New Zealand with the same ease of financing and competitive rates that are available in the United States,” states Dave Pengelly, Director – New Business Development / Program Management, Materials Handling & Construction.

Manitowoc is a world leader in the crane market with product offerings in all the major segments of the industry. Manitowoc’s crane products are marketed under the following brand names: Manitowoc, Potain, Grove, and National.

“The establishment of the local program with Manitowoc is an exciting phase in the continued development of our materials handling and construction business in Australia and New Zealand. This program builds on the strong relationship enjoyed by both DLL and Manitowoc in the USA and places Manitowoc clearly at the forefront of the industry here, by offering top-quality equipment that is supported by quality financial products. Once again DLL has demonstrated that we are truly a global partner supporting our valued vendor partners," commented Ian Ritchie, General Manager, Materials Handling & Construction – Australia.

David Hull, Director, Trade Finance, The Manitowoc Company, Inc. added “We are very excited about taking yet another step in the globalization of CraneCREDIT, especially with a partner that has the depth of knowledge about our products and services as De Lage Landen Financial Services. Both organizations will be able to leverage off of the momentum that we have in the U.S. and Canada to bring a competitive financing solution to our customers and dealers in Australia and New Zealand.”  

De Lage Landen International B.V.

De Lage Landen is a Netherlands based international provider of high-quality asset finance and vendor finance programs. The global offering also includes an array of commercial finance solutions. With a presence in more than 20 countries throughout Europe, the Americas and Asia Pacific the company focuses on the following industries: Food & Agriculture, Healthcare, Office Equipment, Telecommunications, Technology Finance, Materials Handling & Construction Equipment and Financial Institutions. In its domestic market the company offers Equipment Leasing, Car & Commercial Vehicle Leasing, ICT Leasing, Consumer Finance and Trade Finance through local Rabobanks but also direct to market.

De Lage Landen is a wholly owned subsidiary of the Dutch Rabobank Group that is AAA-rated by Moody’s and Standard & Poors. Over 2004 De Lage Landen grew its net profit to $174 million and its balance sheet total to $20 billion.

High Resolution Photograph (1.71 MB)

About The Manitowoc Company
The Manitowoc Company, Inc. is one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes,tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment for the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.

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