01.09.2015

Manitowoc files separation forms

Manitowoc has formally filed SEC papers starting the separation of its Cranes and Foodservice businesses.

The company plans to execute the separation through a tax-free spin-off of the Foodservice business into a separate entity in the first quarter of 2016.

Chief executive Glen Tellock said: “This filing represents an important milestone in executing our plan to separate the Cranes and Foodservice businesses into two industry-leading, independent, public companies. We believe that the separation will allow each company to focus on its unique growth profile, product categories, distribution systems, and strategic priorities. The separation will also enable each company to implement the right organisational structure, operating model, and financial targets. Further, the separated Foodservice company will have enhanced corporate governance provisions and has made a number of shareholder-friendly commitments. We look forward to completing the separation to unlock the full value of each business for shareholders.”

The separation remains subject to the approval of the full board of directors. Goldman Sachshas been appointed as financial advisor and Foley & Lardner and Skadden, Arps, Slate, Meagher & Flom as legal advisors.