The Gradall Company Recognized as Ernst & Young Entrepreneur of the Year Company

Business Wire, Dec 17, 1998

NEW PHILADELPHIA, Ohio--(BUSINESS WIRE)--Dec. 16, 1998--The Gradall Company's "world class team" was honored as a 1998 Ernst & Young Entrepreneur of the Year(R) Company. The company is one of eight nationally to receive this extension of Ernst & Young's Entrepreneur of the Year(R) award. The Gradall Company's President and Chief Executive Officer, Barry Phillips was presented with the 1998 Entrepreneur of the Year(R) award for Northeast Ohio Turnaround, last June.

The award was accepted by members of Gradall's Labor Management Council, during a luncheon at the McDonald Marlite Center in New Philadelphia, Ohio, Wednesday afternoon. Union President and LMC member, Larry Horstman said, "This award recognizes the hard work, dedication and cooperation by people in every part of the company." Phillips, also an LMC member said, "It is the dedication and teamwork of all employees in building and developing new products that have been the driving force in propelling the company's exceptional growth."

Since 1994, The Gradall Company's sales have more than doubled; continued new product development and capital investment programs have resulted in the redesign of its excavator and material handler lines; and it has expanded its manufacturing capacity to include an additional 300,000 sq. ft., augmenting the 450,000 sq. ft. in its main plant.

The Gradall Company (Nasdaq/NMS:GRDL) is a leading manufacturer of hydraulic excavators and variable reach material handlers as well as related service parts. The company's products are marketed under the widely respected Gradall trademark and are distinguished by their telescopic boom technology, versatility, productivity and reliability.

Gradall Excavators are typically used by general contractors and government agencies for ditching, sloping, finish grading, general maintenance and infrastructure projects. Gradall Material Handlers are used by residential, commercial and institutional building contractors for lifting, transporting and placing a wide variety of building materials at their point of use or storage. Both Gradall products and service parts are sold through independent distributors and national rental companies.

"Entrepreneurial company such as Gradall improve the quality of life in America and beyond by proving that exceptional ideas are forever worthy of pursuit and that people working together can achieve amazing things," said Donald T. Misheff, Area Director of Entrepreneurial Services, Ernst & Young. "Gradall products are generating jobs and pushing the construction equipment industry to the next level of innovation and growth."

The Entrepreneur of the Year awards program was founded by the professional services firm of Ernst & Young in 1986 to honor outstanding entrepreneurs and companies, whose ingenuity and perserverance have created and sustained successful growing business ventures. It is sponsored nationally by Ernst & Young LLP, USA Today, the NASDAQ Stock Market and Center for Entrepreneurial Leadership, Inc. at the Ewing Marion Kauffman Foundation. Additional support is provided by Investor's Business Daily.