MANITOWOC, Wis.--(BUSINESS WIRE)--Dec. 7, 2015--
The Manitowoc Company, Inc. (NYSE: MTW) today announced that it has sold
its Kysor Panel Systems business to an affiliate of D Cubed Group LLC, a
private market investment firm, for a value of approximately $85
million, subject to certain adjustments for funded indebtedness, working
capital, and capital expenditures. Kysor Panel Systems is a leading
producer of wood frame and high-density rail panel systems for walk-in
freezers and coolers for the retail and convenience-store markets.
“The sale of Kysor Panel Systems furthers our strategy of focusing on
our core brands within our Foodservice segment, while aligning this
business with its market-leading portfolio of commercial foodservice
equipment,” said Kenneth Krueger, Manitowoc’s interim chairman and chief
executive officer.
Manitowoc intends to use the Kysor Panel proceeds to further reduce its
debt and financial leverage.
SunTrust Robinson Humphrey, Inc. acted as exclusive financial advisor to
The Manitowoc Company.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry,
capital goods manufacturer with 92 manufacturing, distribution, and
service facilities in 25 countries. The company is recognized globally
as one of the premier innovators and providers of crawler cranes, tower
cranes, and mobile cranes for the heavy construction industry. Manitowoc
is also one of the world's leading innovators and manufacturers of
commercial foodservice equipment, which includes 24 market-leading
brands of hot- and cold-focused equipment. In addition, both segments
are complemented by a slate of industry-leading product support
services. In 2014, Manitowoc’s revenues totaled $3.9 billion, with
approximately half of these revenues generated outside of the United
States.
Forward-looking Statements
This press release includes "forward-looking statements" intended to
qualify for the safe harbor from liability under the Private Securities
Litigation Reform Act of 1995. Any statements contained in this press
release that are not historical facts are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current expectations of the
management of the company and are subject to uncertainty and changes in
circumstances. Forward-looking statements include, without limitation,
statements typically containing words such as "intends," "expects,"
"anticipates," "targets," "estimates," and words of similar import. By
their nature, forward-looking statements are not guarantees of future
performance or results and involve risks and uncertainties because they
relate to events and depend on circumstances that will occur in the
future. There are a number of factors that could cause actual results
and developments to differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause actual results
and developments to differ materially include, among others:
-
the ability to carry out the Foodservice segment strategy to
implement Manitowoc’s long-term initiatives;
-
risks and other factors cited in Manitowoc's filings with the
United States Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak as of
the date on which they are made. Information on the potential factors
that could affect the company's actual results of operations is included
in its filings with the Securities and Exchange Commission, including
but not limited to its Annual Report on Form 10-K for the fiscal year
ended December 31, 2014.
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Source: The Manitowoc Company, Inc.
The Manitowoc Company, Inc.
Carl J. Laurino
Senior Vice
President & Chief Financial Officer
920-652-1720