Demag Cranes AG: Setting the Record Straight About Today’s Denial of Talks with Mitsubishi Heavy Industries

Demag Cranes AG (GER:D9C) denied the announcements published today by the news agency Bloomberg concerning initial talks between its subsidiary Gottwald Port Technology GmbH and Mitsubishi Heavy Industries Ltd. about a general cooperation in the crane business.

To set the record straight, Gottwald Port Technology concluded a regional agreement in 2006 with MEC Engineering Service Co. Ltd., a subsidiary of Mitsubishi Heavy Industries, for sales and services activities relating to Mobile Harbour Cranes in Japan. Talks about how this cooperation with Mitsubishi Heavy Industries should continue have been ongoing for the past three months. These talks have no bearing on the general sales focus of the Demag Cranes' Port Technology segment, which has remained unchanged.

About Demag Cranes AG
The Demag Cranes Group is one of the world's leading suppliers of industrial cranes and crane components, harbour cranes and terminal automation technology. Services, in particular maintenance and refurbishment services, are another key element of the Group’s business activities. The Group is divided into the business segments Industrial Cranes, Port Technology and Services and has strong and well-established Demag and Gottwald brands. Demag Cranes sees its core competence in the development and construction of technically sophisticated cranes and hoists as well as automated transport and logistics systems in ports and terminals, the provision of services for these products and the manufacture of high-quality components.

As a global supplier, Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries, representative offices and a joint venture. In financial year 2007/2008, the Group, with its 6,093 employees, generated revenue of EUR 1,225.8 million. Since the end of June 2006, the Demag Cranes share (WKN: DCAG01) has been listed in the Prime Standard of the German Stock Exchange and is traded on various indices including the MDAX®.

Demag Cranes AG. We Can Handle It.

Conditions for Forward-Looking Predictions
This press release contains forward-looking statements relating to the business, financial performance and earnings of Demag Cranes AG and its subsidiaries and associates. Forward-looking statements are based on current plans, estimates, projections and expectations and are therefore subject to risks and uncertainties, most of which are difficult to estimate and which in general are beyond the control of Demag Cranes AG. Consequently, actual developments as well as actual earnings and performance may differ materially from those which are explicitly or implicitly assumed in the forward-looking statements. Demag Cranes AG does not intend or accept any obligation to publish updates of these forward-looking statements.