Good day everyone and welcome to the Manitowoc Company Second Quarter 2015 Earnings Conference Call. Today's call is being recorded. At this time for opening remarks and introductions, I'd like to turn the call over to Mr. Steve Khail. Please go ahead. Steven C. Khail - Director-Investor Relations & Communications: Good morning, everyone. And thank you for joining Manitowoc's second quarter earnings conference call. Participating in today's call will be Glen Tellock, our Chairman and Chief Executive Officer, and Carl Laurino, Senior Vice President and Chief Financial Officer. Glen will open today's call by providing comments related to our quarterly results and business outlook. Carl will then discuss our financial results for the second quarter in greater detail. Following our prepared remarks, we will be joined by Larry Weyers, President of Manitowoc Cranes, and Bob Hund, President of Manitowoc Foodservice for our question-and-answer session. For anyone who is not able to listen to today's entire call, an archived version of this call will be available later this morning. Please visit the Investor Relations section of our corporate website at www.manitowoc.com to access the replay. Before Glen begins his commentary, I would like to review our Safe Harbor statement. This call is taking place on July 30, 2015. During the course of today's call, forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 will be made during each speaker's remarks and during our question-and-answer session. Such statements are based on the company's current assessment of its markets and other factors that affect its business. However, actual results could differ materially from any implied projections due to one or more of the factors explained in Manitowoc's filings with the Securities and Exchange Commission, which are also available on our website. The Manitowoc Company does not undertake any obligation…

Thank you. We'll take our first question from Jamie Cook with Credit Suisse. Ben E. Xiao - Credit Suisse Securities (USA) LLC (Broker): Hi, good morning this is actually Ben Xiao on for Jamie. So on crane orders, the orders in the quarter were actually a little better than at least what we were expecting. For the back half, I know that's a little usually seasonally stronger but maybe you can calibrate us on what we should expect in the back half? Glen E. Tellock - Chairman, President & Chief Executive Officer: Are you saying, Ben, from an order perspective? Ben E. Xiao - Credit Suisse Securities (USA) LLC (Broker): Yeah, an order perspective. Glen E. Tellock - Chairman, President & Chief Executive Officer: I think the general tone, and I can let Larry go through it. I think the general tone for us is somewhat kind of more of the same. I think what we have is when you look at the new products, I think that's going to generate some interest but you're right, as you get past the third quarter, as you get into the fourth quarter, you get a little bit of – especially in North America and somewhat in Europe on the tower crane side, you get the dealers that are starting to look at what they want to forecast for 2016. So, I think you're right, seasonally it gets a little better towards the end of the year but I think again, just I think with some of our guidance, I think you can see that it's probably more of the same. Larry? Lawrence J. Weyers - Senior Vice President; President - Manitowoc Cranes: I think that's pretty accurate, Glen. I think for the second half, we don't expect to see a pull-through of…

We will take our next question from Jerry Revich with Goldman Sachs. Jerry D. Revich - Goldman Sachs & Co.: Hi, good morning. Carl J. Laurino - Chief Financial Officer & Senior Vice President: Hey, Jerry. Glen E. Tellock - Chairman, President & Chief Executive Officer: Good morning. Jerry D. Revich - Goldman Sachs & Co.: I wonder if you could talk about within Cranes just flesh out for us the relative pockets of strength from an order standpoint in the quarter or inquiry levels just if you could just expand on the prepared remarks? Glen E. Tellock - Chairman, President & Chief Executive Officer: Go ahead, Larry. Lawrence J. Weyers - Senior Vice President; President - Manitowoc Cranes: Yeah, sure. I think what we've seen is that for our tower cranes and our all terrain cranes, they are pretty much in line with our expectations. We just introduced four new models of tower cranes as Glen mentioned plus a new GMK model. But the pockets of strength still remain, I would say the pluses are the UK, the UAE, Korea, Saudi Arabia is still fairly strong on the non-res construction. We will see how that plays out with their spending on that versus defense. But I think Germany, France still, Italy is a little bit stronger and Spain believe it or not. Belgium, Netherlands are flat, India is flat and I think it really comes down to the boom truck and the RT that are the challenging based on the oil. I would say the one positive sign we've seen there is a reduction in our dealer inventory of about 38% since the first quarter, but most of those cranes are going out on a rental purchase option which means they're not converted to a sale but they're actually moving somewhat out of the channel. So, I think from that order's perspective we're going to see – try to see that inventory flush out through the end of the year to position ourselves more positively for 2016. Jerry D. Revich - Goldman Sachs & Co.: Okay. And then in Foodservice, can you just clarify your comments of 150 basis points margin expansion by 2017, I'm assuming that's on top of reversing the startup expenses on KitchenCare – is that right, can you flesh that out for us? Carl J. Laurino - Chief Financial Officer & Senior Vice President: That's correct, Jerry. That's incremental to the expectations that we had prior to introducing the business simplification that 80/20 represents. Jerry D. Revich - Goldman Sachs & Co.: Okay. Thank you.

We'll take our next question from Nicole DeBlase with Morgan Stanley. Nicole DeBlase - Morgan Stanley & Co. LLC: Yeah, thanks. Good morning, guys. Glen E. Tellock - Chairman, President & Chief Executive Officer: Hey, Nicole. Carl J. Laurino - Chief Financial Officer & Senior Vice President: Good morning. Nicole DeBlase - Morgan Stanley & Co. LLC: Hi, there. So, my first question is around the Crane guidance, so down double-digits, just, it's kind of broad. I'm just curious if by down double-digits, we can clarify that, does it mean down low double-digit, mid-teens, high-teens, like what are you guys thinking for the full year? Glen E. Tellock - Chairman, President & Chief Executive Officer: It's still lower end of that, Nicole. Nicole DeBlase - Morgan Stanley & Co. LLC: Okay, got it, that makes sense. And then my second question is I am not sure if you guys are willing to elaborate on this a little bit, we were talking about the food margin exit rate a little bit earlier, does that give you confidence that you can get to, back to that range that you were operating at before KitchenCare and some of these other headwinds around 16% to 17% in the second half, is that where you guys are targeting? Glen E. Tellock - Chairman, President & Chief Executive Officer: I think that's a fair assumption, you know and again, I think, the things that you've seen, I mean if you go back six quarters or eight quarters, I mean the run rate was right around that same amount. So we are – I mean we've had a few hiccups, we've talked about them. We've address them and I think this is where we should expect to be and I think Bob and his team have a lot of that behind them and a lot of the new initiatives, as they gain some momentum going to the end of this year and into 2016, I mean it's certainly a more positive story. Nicole DeBlase - Morgan Stanley & Co. LLC: Okay, thanks. I'll pass it on.

We'll take our next question from Seth Weber with RBC Capital Markets.

Hey, good morning, guys. Steven C. Khail - Director-Investor Relations & Communications: Good morning, Seth.

Good morning. So I thought it might be helpful, so for Crane revenues for this year, we're looking at something which is roughly half of where we peaked out at in 2008. Can you frame for us by product category, maybe I know you don't break out revenues by category, but how far off the peak we are in each of the kind of the four major Crane segments, is that something you'd be willing to do? Glen E. Tellock - Chairman, President & Chief Executive Officer: Yeah, I think, no, not really willing to answer your question, but I would give you some clarity on that. I think you heard me say in my remarks on the Crane side whether it's oil and gas or the boom truck and RT market, we are at the levels we were at 2010 when you get to some of that, so it's well off the peak. As you get to the crawler, the RT, I am sorry the – as you get to the crawler, the towers, and the ATs, the ATs are probably the one that has gone up closest towards that peak and then the towers – still that was such a great market in 2008. It's certainly not – that dropped 80% from 2009 to 2010. But I think it's climbed steadily over the last four or five years and we expect that with some of the – just with the improvements in the economies and then with new products. I don't know, the crawler market has gone up more than towers or ATs but I think those are improving where what happened is the RTs came out of 2010 a little faster than the rest of the market, peaked in 2012 and now you are seeing the decline over the last three years. So, hopefully that gives you a little bit better indication of where it's at, but there is still room to go, I mean especially in towers, ATs and crawlers, there is still room to go to get to the 2008 levels, but we don't expect that to happen soon.

Well, sure, sure, sure. Okay, just going back to the guidance, the revenue guidance for the Crane business, I mean if you are talking revenues down 10% to 15%, that still implies you know something like $1.1 billion or $1.2 billion of revenue for the back half of the year versus the $900 million you did in the first half but it sounds like you're talking about orders being kind of constant. So, I'm trying to reconcile those two comments if you could? Glen E. Tellock - Chairman, President & Chief Executive Officer: Yeah no, and it's – that one, Seth, you're spot on and the one that you wouldn't get from that it's more on the – it's mostly in the crawlers and that's going to give you the – a lot of the – where we have the new products the MLC300 and the MLC650. The run rate in the back half of this year is almost that difference you talked about in the back half of the year versus the first half for crawlers.

That's the VPC you're talking? Glen E. Tellock - Chairman, President & Chief Executive Officer: Exactly, exactly

Okay. And then – thank you, that's helpful. And, Carl, maybe if I can just get a clarification on the $20 million to $30 million of additional run rate costs, does that – will that run through corporate expense or will you call that out when you report as an items? Carl J. Laurino - Chief Financial Officer & Senior Vice President: Those are represented by the separate public companies in the costs associated with obviously the leveraging that takes place as a single public company, that is not possible under two independent public companies and just the run rate costs associated with that. So, it's really nothing that you're going to see prior to affecting the separation.

I got it. Okay. Thank you very much.

We'll take our next question from Vishal Shah with Deutsche Bank.

Yeah, hi. Thanks for taking my question. Can you maybe talk a little bit about the 30% of the cranes that are sold to the oil patch, what percentage change you're expecting for this end market in the second half versus the first half? Glen E. Tellock - Chairman, President & Chief Executive Officer: Go ahead, Larry. Lawrence J. Weyers - Senior Vice President; President - Manitowoc Cranes: Yeah. I think your question was around the volume of cranes to the oil patch, the 30%. I think the 30% is the normal run rate for us of cranes going into that work. I think what's different or what's changed now is when the oil prices drop so severely that you have a fleet of cranes that are not working. So you have to have a period of time here where those cranes are pulled through the system. So, in a normal year, we would have 30% effect of that, but I think with a lot of these customers renting and not purchasing and waiting to see what's going to happen and some of the projects being delayed, we're going to see an effect here where the cranes have to get pulled through and retailed and that's going to take a bit of time here. And I think, what we don't want to do is, get in a position where we're either heavily discounting or trying to pump cranes into the market again without the proper demand. So, I think we're in the position to balance our production and focus on our costs both direct, indirect, production, material. But we don't want to overstock the market as we go into 2016.

That's helpful. And just clarification on, given the lower cash flow expectations for the second half have you – have you guys started rethinking about your debt repayment expectations and you know how should we be thinking about the capital structure for both the Foodservice as well as the Crane businesses as separate entities in 2016? Thank you. Glen E. Tellock - Chairman, President & Chief Executive Officer: Go ahead, Carl. Carl J. Laurino - Chief Financial Officer & Senior Vice President: Yeah, I would say that the, really the change in the view on the leverage side is driven by the EBITDA erosion that's taken place primarily in the crane side of the business given the back half for the year outlook and results to-date. As far as what the expectations are about the capital structure, what we stated is that we expect the credit rating for the separated companies to be as equivalent or better than Manitowoc's current and that expectation has not changed. And we will take a scenario-based approach to the agencies so we'll have that visibility on the front end as to which scenario to choose in order to ensure that that happens.

Thank you.

We will take our next question from Ted Grace with Susquehanna.

Good morning, guys. Glen E. Tellock - Chairman, President & Chief Executive Officer: Hi, Ted.

First thing I was wondering maybe just to Larry's last comments, frequently you talk about time utilization statistics in the field and to your prior comments about the need to absorb kind of stock out of the energy patch more broadly, can you just update us on kind of where you think you are in North America and then other key geographies that are affected, whether that's parts of Asia Pacific or elsewhere? Carl J. Laurino - Chief Financial Officer & Senior Vice President: I'll let Larry elaborate a little bit more from his conversations with different customers but, Ted, the thing that's interesting to us and we talk about it quite a bit internally is when you look at many of the customers that are out there, they are very busy, the utilizations are high. One of the things that everybody is trying to get now it's purely on the rental rates, and the rental rates probably not improving as fast as what you would see with utilizations as high as they are. And I think to Larry's point, where you are seeing people on the RPOs and things, while they are busy, you wonder about the confidence because they are not buying, they are kind of going on a lot of these purchases on the RPOs. So I think when you look at what's happening primarily in North America, I think, a lot of it's a lack of confidence, and more specifically, we've talked about the non-res and the commercial construction improving but not offset by what Larry talked about, you see some of these other cranes moving out of different parts of work and go into others. That's really what's interesting and when you talk to a lot of the rental companies, if you see them for…

Okay, that's helpful. The second thing I was hoping to ask is just on new leadership at Foodservices, we've gotten the question a lot, so I figure it best to hear from you guys directly, I think a lot of investors were kind of hopping that you'd have somebody out of industry thinking that that would be important to kind of more effectively managing the Foodservice business. Obviously you made a decision to go with somebody that came out of more of a conventional industrial background. Can you just walk through kind of like the pros and cons of that selection process and why – and I apologize, I won't try to pronounce his name, because I know I won't get it right, but could you just walk through why you think he is the right person to lead this business with the lack of foodservice experience on his resume? Glen E. Tellock - Chairman, President & Chief Executive Officer: Yeah. I can try. I think when you look at the industry and you look at – I think that was a – we had utilized Korn Ferry on an extensive search for this and so they came forward with names like any other search goes through, I don't need to tell anybody on the call how these searches work. But I think you go back and you find people that are interested and you vet the selection process and so to make it look like someone from within the industry, we had very good candidates. But you've got to remember that this is a very fragmented industry and there aren't a lot of people that that have leading positions that all of sudden what makes them – if they are a competitor whatever, what makes them want to jump…

Okay. That's really helpful and I know everybody looks forward to meeting him once he is on board. So, good luck this quarter, guys. Glen E. Tellock - Chairman, President & Chief Executive Officer: Yeah, thank you. Robert M. Hund - Senior VP & President-Foodservice Segment: Thank you.

We'll take our next question from Mig Dobre with R.W. Baird. Joseph M. Grabowski - Robert W. Baird & Co., Inc. (Broker): Good morning, everyone, this is Joe Grabowski on for Mig. Glen E. Tellock - Chairman, President & Chief Executive Officer: Hi, Joe. Carl J. Laurino - Chief Financial Officer & Senior Vice President: Hi, Joe. Joseph M. Grabowski - Robert W. Baird & Co., Inc. (Broker): Most of my questions have been answered – hi, good morning. Most of my questions have been answered. Just wanted to drill a little deeper on the VPC shipments, it sounds like they're really going to move the needle in the back half of the year. Can you tell me has VPC started shipping, when will it start shipping and sort of what are the status of new orders that have been coming in this year for the VPC product? Glen E. Tellock - Chairman, President & Chief Executive Officer: I mean if you recall, we said the first – the MLC300 and the MLC650, the first ones we'd ship, we said a long time ago would be early in the second quarter. We actually I think got it out by the end of March, at the end of the first quarter. So we've been shipping these since the end of the first quarter. So I think that's why, when you look at the run rate, you basically have a slower start up, basically none in the first quarter, I mean, yeah, okay, we got them out, a couple. But you have what you have is gaining traction in the second quarter. Now you have it in full run rate for the third and fourth quarters, so that's not an issue there. So I mean and with respect to the orders, I…

We will take our next question from Joe O'Dea with Vertical Research Partners.

Hi, good morning. Glen E. Tellock - Chairman, President & Chief Executive Officer: Hi, Joe.

On Crane margins – hi. When, I mean you've actually dialed in across both segments, the $100 million of savings out of that $125 million to $170 million target quickly, and so when you think about some of the pressure maybe in Crane margin and then as you exit this year and into next year, just trying to get a sense of whether in next year, there's a little bit of a mix benefit with some of the development or demand trends in Europe? Whether or not there's been just given the pace of declines, it's been a harder impact on production and so that eases both – just trying to get a sense really of the opportunity for year-over-year margin improvement in Cranes next year barring any kind of real shift in current demand environment? Glen E. Tellock - Chairman, President & Chief Executive Officer: Well, I think if you look at – if it's apples-to-apples and you didn't have the separation or some of the associated separation costs in the SG&A, there would be margin improvement and a lot of it is because in my prepared remarks, I said over the last 12 months, we've taken $30 million out of direct or indirect cost. And so what you look at, there is a few things that I would say – I wouldn't expect to happen again next year and you kind of pointed to it as how fast do you get in front of that decline in some of these markets where you didn't see it in maybe the RTs and the boom trucks. So you annualize the costs you've taken out. There's areas where we can impact the utilization of a factory like Shady Grove by doing other things there whether it's North American GMKs, it can be some of the things as we have a lot of the cranes coming out of Manitowoc. There can be shifts in capacity that can help basically those unabsorbed variances that you have in your factories and the key – and the other startups that we had are the SAP that we had in Manitowoc as we went live there and the startup experiences you have with the new products such as the MLC300 and the MLC650. So you have all those behind you and just, you would expect that once those are behind you, you would have margin improvement. So, there's no reason why we wouldn't expect at these levels for the margins to improve.

That's helpful, thank you, and then on KitchenCare, in terms of measures that still need to be taken, is that fixed in 3Q? Are the issues outstanding at this point more customer relationship and so that slowly comes back, but just kind of the timeline and outlook on that – kind of like the big remaining piece I think in marching food service margins back up? Glen E. Tellock - Chairman, President & Chief Executive Officer: Yeah, I think you've kind of touched on both of them, I think we still have some things to do. I mean, we're not out of the woods but I can tell you that Bob and his team have done a yeoman's job to get it where it is today back on track, but there is – the issues are smaller and smaller every time we have a steering committee meeting to talk about them. And I think we talked about the run rates of the costs that are in there, down 40% from the peak. We believe that and we said this at the end of, I think our last call, by August, we will be back at our normalized run rate for the KitchenCare parts activities. The one thing that is the wild card and you said it, what are some those relationships where it still is going to be the, hey, show me first. I got impacted quite a bit but I still – show me before I really jump back on board. The other area that we could improve a lot quicker is some of the international shipments. We still have a little bit of some things to do there. We recognize it. We are getting better at it but it's just some of the documentation and those kinds of things that go with international shipments, but we're certainly in a much better place as we sit here today than we were three months ago. Bob? Robert M. Hund - Senior VP & President-Foodservice Segment: Yeah, maybe I can also mention too, it wasn't until closer to the end of the quarter that we started taking more significant cost out. We wanted to make sure we got our order fill rate up and we took care of our customers before we started pulling significant cost out of that business and that really didn't happen until about the June timeframe, and we have a little bit more to go but we think we can get there with KitchenCare. Order fill rates are closer to 90% now and those types of things, so it's coming around. As Glen said, the only thing left is we've got little more work to do in international shipments and I think we will be there in terms of cost and then customers as well too, customer satisfaction.

Got it. And then maybe one last one, Carl, just circling back to your comment on thinking around leverage and the target to keep the rating. I don't know if you are able to add on to that at all, high level at least what you think that means in terms of separated company leverage levels? Carl J. Laurino - Chief Financial Officer & Senior Vice President: Not specifically, but I think obviously fair to say given the margin profile and the stability in the Foodservice business that there'd be greater level of debt in Foodservice than the more cyclical lower margin Cranes at least currently, so that's the general expectation and we will get more specific about that as we continue to go forward through the split process.

Okay, all right, thank very much.

We'll take our next question from Tim Thein with Citi Research.

Hi, great. Thanks. Good morning. I guess two for Larry, first, just on Europe specifically. A lot of kind of mixed messages in recent weeks just in terms of the pace of underlying macro and the outlook there, but as you get closer to kind of the quoting and order season for towers for 2016, I am just curious what you see across Europe in general from the standpoint of rental rates? Lawrence J. Weyers - Senior Vice President; President - Manitowoc Cranes: Yeah, I think the rental rates depends on which market you are in especially for towers. I think the UK has been fairly robust over the past 8 to 10 months and it looks like it's going to continue. I think Europe, specifically, I think Germany, France, I don't think the rates are overwhelmingly great, but we see some recent activity with the new models that we've come out with. We just launched those two weeks ago, and then I think Italy as well, there's some activity that is starting to show. So for core Europe and then you have other areas, Algeria has been a very good market for us, not core Europe but there has been a lot of equipment going into that which was oil related. So I think we have to keep an eye on how that trend takes place. And then I think you have clearly the Iranian activity that's going on and how those sanctions are handled going forward. So, clearly, that's a market that could be a strong potential but on the flipside, that could have repercussions depending on how that's viewed by countries like Saudi Arabia and other countries that could affect our business, our current business there. So, but I think it's – there's not an overwhelming huge jump that anybody would expect for our tower crane business in that area but we do have some specific new products that are hitting the market that are going to affect our position in Europe definitely in 2016 in a positive manner.

Okay. Got it and then just coming back to North America and your comment earlier around some of the rental operators in North America not having quite the ability to push rates up enough to make that ROI math work in terms of purchasing new cranes but do you think it's – this weakness in oil and gas, do you think it's sharp enough or I don't know, deep enough to trigger more consolidation in a channel that hasn't seen that same level of consolidation like the general construction equipment rental market has? I'm just curious your thoughts, there's been some recent news there in terms of some of the private equity firms getting a bit more aggressive but I – just curious as to your thoughts around that. Lawrence J. Weyers - Senior Vice President; President - Manitowoc Cranes: Yeah. I'm not so sure those activities and I know which ones you're talking about that were related so much to the decline in oil. I think most of the companies in the market today have rebalanced and reset based on the assumption that the oil price probably isn't going to get much better through next year. So I think what consolidation activity takes place will be because of other business-related issues. I think more the companies that will be affected are maybe not so much are crane rental companies but the companies that are specifically are in the shale oil business, we've seen them affected quite heavily with layoffs and some closures of specific companies that are doing work in the shale business. And we've seen other companies step in and buy a lot of that equipment right now based on the price being very attractive as you can imagine. So I think the consolidation will take its normal course and we don't see any huge pressure to say, hey, I need to sell my business because I'm that affected by the oil prices but that's just my view.

Understood, thanks for the time, Larry. Lawrence J. Weyers - Senior Vice President; President - Manitowoc Cranes: Yep.

We'll take our next question from Brett Stone with Cantor Fitzgerald (56:09).

Hi, thanks for taking my questions. Regarding the Foodservices spin off, could you give us some color on the other roles you're looking to fill and when you would expect the new board to be assembled and then I think you've already touched on this a little bit but could you just walk through the first three months and quarters for the new CEO and where his focus would be, would you expect him to do a strategic review or is he really just going to be focused on the execution of the breakup? Glen E. Tellock - Chairman, President & Chief Executive Officer: No, well, I'll touch on some of the earlier questions. We mentioned in the next 30, 45 days you'll have probably the first level of management communicated both internally and externally. I think as you go to the next level down, most of that will happen at – by I think our target date is in September for the L2s.

Okay. Glen E. Tellock - Chairman, President & Chief Executive Officer: And then with respect to the board, that discussion we have our board meeting next week and obviously, we've been working on it, that's part of the spin plan and the goal we have is basically not to have any overlap be – on the boards between the two companies. We're going to have to try to decide how to split up the participants on the board to either Foodservice or Cranes but we have initiated a search with Spencer Stuart to get additional board members for Foodservice and Cranes because we will need them. So, that's going to take as we file Form 10s as we have the names of those people that are already on and we know which one they're going to, we'll fill those in and as we get them, we'll go along but those are all effective obviously on the day of the split. With respect to Hubertus and what he is going to do in the first 90, 100 days, he obviously – the majority of his time is going to be looking at, okay, understanding where are we, what are the strengths, what are the weaknesses? He's got to get to know the people, he has got to put his team in place. He's going to be working with me on the separation, it's going be his decisions as we go through, we've been working on a lot of Foodservice things in kind of a quasi team and now he can be part of the spin process also on the steering committee that will be making decisions for Foodservice. So, yeah, he is basically jumping in feet first and he will be putting his mark on the Foodservice business day one and so it's really kind of – he is got to be working on it all because on day one, he has got in charge. So we actually look forward to it. I mean it's nice to have Hubertus on board and named. I mean it's taken a lot of uncertainty out of a lot of the things that have been questioned by employees for the last few months and so now to your point, get the next level on and that will take a lot of more uncertainty out and we can focus on the spin. So it's really, we're in the execution phase now and you will see more and more as we go through the quarter.

So, would you expect him to sort of come back to the market after 100 days with a sort of his findings or will that be quite formal or would it be more... Glen E. Tellock - Chairman, President & Chief Executive Officer: No, I don't think so, I don't expect that. I know my conversations with Hubertus, I mean he has been a very quick study and he has spent lot of time looking at what Foodservice is doing and I know he has had a lot of conversations with Bob. And I think to the point that we made earlier, as he looks at it, the comment that he made to me is he said – and we are putting him with the board meeting next week. He has looked at where Bob has turned in the Foodservice strategy through 2016 to 2018 and I think generally agrees with it and is on board. I mean but of course, for us to sit here and think there aren't going to be changes made we'd be crazy. I mean that's silly to think he is not going to put his own stamp on some things but I think the best thing that I believe and again, what he said to me is, hey, look, I agree with where you're headed. I like what I hear. There is probably just a few levers that he may put a different little spin on and I think he needs to pull those levers and do it but again, it's not a turnaround, and it's not something that you've to upset the entire apple cart for. So I think there's some things he has got in mind and when he gets to those, I'm sure when we get on one of these calls, he'll be happy to talk about it. So, I mean we'll certainly let you know.

Great. Thanks for the color.

With no further questions in queue, I'll turn it back to Mr. Khail for any additional or closing remarks. Steven C. Khail - Director-Investor Relations & Communications: Before we conclude today's call, I would like to remind everyone that a replay of our second quarter conference call will be available later this morning. You can access the replay by visiting the Investor Relation section of our corporate website at www.manitowoc.com. Thank you everyone for joining us today and for your continuing interest in the Manitowoc Company. We look forward to speaking with you again during our third quarter conference call in October. Have a good day.

That concludes today's conference. We appreciate your participation.