Feb. 11, 2015: Manitowoc Co. Announces Intent to Separate into Two Independent Companies
Separation Expected to Create Two Stronger Companies
MANITOWOC, Wis. — The Manitowoc Co. Inc. announced that its board of directors has approved a plan to pursue a separation of the company’s Cranes and Foodservice businesses into two independent, publicly-traded companies. The Foodservice business includes ice machines and refrigeration equipment.
The company currently anticipates carrying out the separation through a tax-free spin-off of the Foodservice business, and it expects the spin-off to be completed in the first quarter of 2016, creating two separate companies with distinct business strategies.