ACHRNEWS

Manitowoc acquires Harford Duracool

April 10, 2000
MANITOWOC, WI — The Manitowoc Company, Inc., announced that it has signed a definitive agreement to acquire Harford Duracool, LLC, a manufacturer of walk-in refrigerators and freezers. The cash purchase price is expected to total approximately $18 million to $22 million.

Harford will join Manitowoc’s Refrigeration Group, which includes Kolpak, McCall, and Diversified Refrigeration. Manitowoc expects to close on the acquisition later this month.

“As the food service equipment industry continues to consolidate, we will pursue opportunities that increase Manitowoc’s position as one of the world’s leading manufacturers of food-cooling products,” stated Terry D. Growcock, president and ceo of Manitowoc.

Harford Duracool operates a 67,000-sq-ft manufacturing facility in Aberdeen, MD. The company’s primary distribution channels are food service equipment dealers and commercial refrigeration distributors. Its products range in size from 200 to 60,000 cu ft.

The company also manufactures a line of modular, temperature-controlled structures for additional niche markets.

“Harford’s product line is an ideal complement to our Kolpak operation,” stated Dennis Romer, executive vice president and general manager of Manitowoc’s Refrigera-tion Group. “With this acquisition, Manitowoc gains a sophisticated manufacturing facility ideally situated to service the growing East Coast marketplace.”