MANITOWOC, Wis. -- The Manitowoc Co. Inc. has announced that it has sold, effective Jan. 28, its Jackson warewashing business to Hoshizaki USA Holdings Inc.
Jackson is a leading producer of warewashing equipment systems primarily for institutions and commercial kitchen applications.
The company did not disclose the specific terms of the asset sale.
"The sale of the Jackson product line reinforces our commitment to our core commercial foodservice business, while enabling us to direct resources toward areas that further our strategic initiatives and drive profitable growth," said Glen E. Tellock, Manitowoc's chairman and chief executive officer.
Manitowoc will use the net proceeds of the transaction of approximately $26 million to further reduce its secured long-term debt, the company said.
Founded in 1902, Manitowoc is a multi-industry, capital goods manufacturer with more than 115 manufacturing, distribution and service facilities in 25 countries. The company is recognized globally as a leading provider of crawler cranes, tower cranes and mobile cranes for the heavy construction industry, which are complemented by a slate of product support services. In addition, Manitowoc is one of the world's leading manufacturers of commercial foodservice equipment, which includes 25 brands of hot- and cold-focused equipment. In 2011, Manitowoc's revenues totaled $3.7 billion, with more than half of these revenues generated outside of the United States.
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