A message from
Our CEO

Dear Fellow Stakeholders:

At Manitowoc, our vision is to build physical communities for current and future generations. As we shape the future for the next generation, we acknowledge the need to continuously enhance the sustainability of our business model.

To drive sustainability through the organization, we have worked hard over the last couple of years to integrate it with The Manitowoc Way. The Manitowoc Way is the core of our culture and our process for improvement. Through it, we are constantly finding ways to enhance our business practices. The cornerstone of The Manitowoc Way is Employee Engagement. As I reflect on 2024, I am extremely pleased with our growing maturity of The Manitowoc Way and the increasing level of Employee Engagement around our sustainability initiatives.

"The price of greatness is responsibility.”

– Winston Churchill

Safety

In the crane industry, there is no responsibility more important than safety.

Statistically speaking, 2024 was another outstanding year for Manitowoc. Our recordable incident rate (RIR), of 1.19 per 200,000 hours, was the second lowest in Manitowoc’s history, and we experienced the lowest number of first aid incidents ever, down to 377 cases. We continue to increase the number and quality of our risk assessments through our SLAM and Interactive Observations process. Furthermore, we delivered Safety Leadership training to over 600 employees, and we launched the inaugural Manitowoc Safety Month in October to raise awareness for hazards related to lifting, working at height, moving vehicles, and objects falling from heights.

All of these achievements demonstrate our significant progress. However, I believe the ultimate measuring stick is the level of grass roots efforts by our employees. In 2024, I was particularly excited by two emerging initiatives:

Globally, our field service technicians for Mobile Cranes raised concerns about how we perform SLAMs and how we use Safety Management System (SMS) for field service work. In response, new tools and capabilities will be launched in 2025 to make it easier for our field service technicians to do risk assessments.

Achieving zero injuries is a price of greatness and significant responsibility for every employee at Manitowoc.

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Our tower service team in France organized Safety Days, a full-day training event at four branch locations, which received great feedback. During 2025, we intend to expand Safety Days to all our service centers.

Social

As the old saying goes, “the best team wins.” In order to build the best team, however, you must attract, retain, and develop the most talented employees. After analyzing our employee population, we identified two areas where we needed to improve.

First, the construction industry has not historically been known for attracting female leaders. It’s challenging enough to have the best players when you are only drawing talent from 50% of the world’s population. In 2022, we launched Leans In, a program to build a community within our small population of female leaders. This initiative continues to provide us with valuable insights on how we evolve our Company. Since 2022, our percentage of female leaders has increased from 14.6% to 16.2%.

Second, building on the learnings of our Leans In program, we launched Veterans Employee Resource Group (VERG) in July 2024 to create a similar collaborative group for our veterans from the Armed Forces. We have always believed that the military was a great source of trained, technical talent. Therefore, we decided to engage with our veteran employees to better understand what would make us an attractive employer. To my surprise, we discovered that we have over 200 veteran employees on staff in the US. With support of these team members, I am confident we will make progress in our talent acquisition efforts targeting this important cohort.

Sometimes, responsibility is a muscle that you have to build. However, building a great team is a small price to pay if you aim to achieve greatness.

At Manitowoc, we believe in the old adage, “what gets measured, gets improved.” This principle is exemplified by Manitowoc’s Environmental Sustainability initiative. Since 2019, through the application of The Manitowoc Way principles, we have:

Reduced our energy consumption by 22%
Increased our use of renewable energy sources to 7% of our total electricity consumption
Reduced our waste to landfill by 56%
Reduced our overall waste by 33%

In 2024, we completed Lifecycle Assessments (LCA) of three of our products. These assessments provided us a better understanding of the environmental impact of our products. As a result, we launched a Sustainable Purchasing initiative to streamline our supply chain, emphasizing the inclusion of sustainability criteria in our decision-making process with suppliers. Additionally, we launched an Environmental Awareness training, which was completed by more than 2,000 team members.

In conclusion, I am proud of the achievements made on our sustainability journey in 2024 and look forward to continued progress in 2025 and beyond. We remain committed to reaching our global sustainability targets in making a better world by turning our vision into action. To achieve our targets, we will utilize The Manitowoc Way. It is our responsibility to do this in a sustainable manner that ensures a sustainable future for generations to come.

Environmental

Aaron H. Ravenscroft
President & Chief Executive Officer
The Manitowoc Company, Inc.