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Jeffry Bust Named Chairman and CEO of Grove Worldwide

6 October 1999

Salvatore Bonanno Resigns; Jeffry Bust Named Chairman and CEO of Grove Worldwide

    SHADY GROVE, Pa.--Oct. 6, 1999--Grove Worldwide, LLC announced today that Chairman and CEO Salvatore "Sam" Bonanno has resigned his position with the Company to pursue other interests. Jeffry D. Bust, formerly President and Chief Operating Officer of Grove Crane will succeed Salvatore Bonanno as Chairman and CEO, effective immediately.
    Sam Bonanno joined Grove Worldwide just prior to Keystone Inc.'s acquisition of the company in March 1998. "We appreciate Sam's contribution in helping chart our strategic direction and reposition Grove as an independent stand-alone company," noted Brad Henske of Keystone, Inc.
    Mr. Bust was appointed President and Chief Operating Officer of Grove Crane, the company's largest operating subsidiary in May 1998. "As part of the senior management team, Jeff has demonstrated strong leadership skills and a solid track record of operational improvements. We are fortunate to have someone with Jeff's professional capabilities and intimate knowledge of both the industry and our company to maximize Grove's potential as the market leader," commented Brad Henske of Keystone, Inc.
    Prior to joining Grove Worldwide, Mr. Bust was President of Manitowoc Cranes, Inc. and the Lattice Crane Group where he led the turnaround of the Manitowoc Company Inc's lift equipment business unit. Previously, he held various senior executive positions at the Harnischfeger Corporation as well as with FMC Corporation. Mr. Bust graduated from the U.S. Naval Academy with a BS in Mechanical Engineering, received an MBA from the Tuck School of Business Administration with a concentration in Accounting and Finance and attended the Advanced Management Program at Harvard Business School.
    Grove Worldwide also announced that Keith R. Simmons is assuming responsibility for the company's worldwide human resources function. Mr. Simmons joined Grove in 1985 as Director of Legal and has assumed numerous executive positions during his 14-year Grove career leading to his current responsibilities as Senior Vice President General Counsel and Human Resources. Prior to joining Grove, Mr. Simmons was Senior Corporate Counsel at Harnischfeger Corporation, where he spent 13 years. Mr. Simmons graduated from Marquette University with a BS in Mechanical Engineering and received a JD from Marquette.
    Grove Worldwide LLC, based in Shady Grove, PA, is a leader in the design, manufacture and marketing of mobile hydraulic cranes, truck mounted hydraulic cranes, and self-propelled aerial work platforms. These products are marketed as Grove Crane, National Crane, and Grove Manlift aerial work platforms.