MANITOWOC, Wis. -- Manitowoc Co. Inc. has completed the spinoff of its wholly owned subsidiary, Manitowoc Foodservice Inc. as an independent public company listed on the New York Stock Exchange (NYSE) under the symbol MFS.
The company achieved the spinoff 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 Feb. 22, 2016.
“We are extremely pleased to complete the spinoff 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,” said Kenneth W. Krueger, Manitowoc’s chairman and interim CEO.
“For more than 70 years, we have been innovation leaders in the commercial foodservice equipment industry,” said Muehlhaeuser, president and CEO. “Today we carry this legacy forward as an independent company with one of the broadest portfolios of both hot and cold foodservice equipment in the industry, from ovens, fryers, steamers, grills, ranges and induction cooktops to beverage dispensing, blending, refrigeration and ice-making equipment. With our global footprint and leading products and systems, we are uniquely positioned to help our customers grow.”
Founded in 1902, Manitowoc is a leading global manufacturer of cranes and lift solutions. In 2015, revenues totaled $1.9 billion, with over half of these revenues generated outside the United States. Its headquarters is in Manitowoc, Wis.
Based in Tampa, Fla., Manitowoc Foodservice Inc. designs, manufactures and supplies food and beverage equipment for the global commercial foodservice market. Operating 20 facilities throughout the Americas, Europe and Asia, the company sells through a global network of more than 3,000 distributors and dealers in more than 100 countries. The company generated sales of $1.5 billion in 2015. Its portfolio of 23 brands includes Cleveland, Convotherm, Delfield, Fabristeel, Frymaster, Garland, INDUCS, Kolpak, Koolaire, Lincoln, Manitowoc Beverage Systems, Manitowoc Ice, Merrychef, Multiplex, Servend and Welbilt.
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