MANITOWOC, Wis.--(BUSINESS WIRE)--
The Manitowoc Company, Inc. (NYSE: MTW) (“Manitowoc”) announced today
that it has successfully completed the spin-off of its wholly owned
subsidiary, Manitowoc Foodservice, Inc. (“Manitowoc Foodservice”), as an
independent public company whose shares are listed on the New York Stock
Exchange (the “NYSE”) under the symbol “MFS.”
The spin-off was achieved through a tax-free distribution to Manitowoc
shareholders of one share of Manitowoc Foodservice stock for every share
of Manitowoc stock held at the close of business on the record date of
February 22, 2016. Beginning today, MFS shares will commence
“regular-way” trading on the NYSE.
“We are extremely pleased to complete the spin-off of Manitowoc
Foodservice. Under the leadership of Barry Pennypacker and Hubertus
Muehlhaeuser, both Manitowoc Cranes and Manitowoc Foodservice are well
positioned as independent, public companies to generate sustainable
growth and value creation for their respective shareholders,” stated
Kenneth W. Krueger, Manitowoc’s chairman and interim chief executive
officer.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global
manufacturer of cranes and lift solutions with 49 manufacturing,
distribution, and service facilities in 20 countries. Manitowoc is
recognized as one of the premier innovators and providers of crawler
cranes, tower cranes, and mobile cranes for the heavy construction
industry, which are complemented by a slate of industry-leading
aftermarket product support services. In 2015, Manitowoc’s revenues
totaled $1.9 billion, with over half of these revenues generated outside
the United States.
About Manitowoc Foodservice, Inc.
Manitowoc Foodservice, Inc. designs, manufactures and supplies
best-in-class food and beverage equipment for the global commercial
foodservice market, offering customers unparalleled operator and patron
insights, collaborative kitchen solutions, culinary expertise and
world-class implementation support and service. Headquartered in Tampa,
Florida, and operating 20 facilities throughout the Americas, Europe and
Asia, the company sells through a global network of over 3,000
distributors and dealers in over 100 countries. The company has more
than 5,000 employees and generated sales of $1.5 billion in 2015. Its
portfolio of 23 award-winning brands includes Cleveland, Convotherm®,
Delfield®, Fabristeel, Frymaster®, Garland®,
INDUCS, Kolpak®, Koolaire®, Lincoln, Manitowoc®
Beverage Systems, Manitowoc® Ice, Merrychef, Multiplex®,
Servend® and Welbilt®. For more information, visit www.manitowocfoodservice.com.
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Source: The Manitowoc Company, Inc.