Kysor/Warren is a leading producer of refrigerated display merchandisers and systems primarily for retail applications, including for convenience stores.
"Over the last several years, Manitowoc has built a strong portfolio of leading brands [image-nocss] serving the commercial foodservice industry, and we believe the value of Kysor/Warren will be better leveraged under Lennox's ownership," said Glen E. Tellock, Manitowoc's chairman and chief executive officer. "In addition, this divestiture will allow us to intensify the focus on our strategic imperatives including greater innovation around our core brands, improving operational efficiencies across our global footprint and driving organic growth opportunities."
Manitowoc will use the net proceeds of approximately $100 million from this sale to further reduce its secured debt and financial leverage. The transaction, which is expected to close in the first quarter of 2011, is subject to customary closing conditions, including regulatory approvals. At the closing of the transaction, employees of Kysor/Warren will transfer to the buyer.
This deal will not have an impact on Kolpak, RDI or other Manitowoc Foodservice walk-in business. Manitowoc remains committed to the manufacturing and sale of walk-in panels and foodservice refrigeration systems through existing partners and will continue to support sales channels.
Kysor/Warren, formerly a Manitowoc Foodservice brand, is a leading producer of refrigerated display merchandisers and systems primarily for retail applications such as grocery stores, supermarkets and convenience stores.
Manitowoc, headquartered in Manitowoc, Wis., is a multi-industry, capital goods manufacturer with nearly 100 manufacturing, distribution, service and office facilities in 26 countries. It is one of the world's largest providers of lifting equipment for the global construction industry, and it is one of the world's leading manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep and cooking needs of restaurants, convenience stores, hotels, healthcare and institutional applications.
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