Manitowoc Foodservice To Be Spun Off From Parent

Determining that its two divisions will be stronger as separate, autonomous companies, The Manitowoc Co. has announced it is splitting its Cranes and Foodservice businesses into two independent, publicly traded companies.

The Manitowoc, Wis., company plans to carry out the separation through a tax-free spin-off of its foodservice business to be completed early next year. Manitowoc Foodservice, which reported annual revenue of $1.6 billion in the 12-month period ended Dec. 31, 2014, has more than a dozen equipment brands and a worldwide network of 120 distributors.

More information on structure and management will be announced later. The proposed separation is subject to a number of conditions, including appropriate filings with the U.S. Securities and Exchange Commission and final approval by the company’s board of directors.