The Manitowoc Co. last week announced that it has increased its offer for foodservice giant Enodis in a transaction valued at approximately $2.4 billion, including the assumption of Enodis’ net debt (approximately $245 million as of March 29). Following the offer announced by Illinois Tool Works on May 8, Manitowoc has actively considered its options and last week increased its original offer announced on April 14.
As outlined previously, Manitowoc believes that the successful integration of the two businesses will result in improved growth prospects and the opportunity to deliver significant synergies. Historical revenues for the combined companies for the most recently completed respective financial years exceeded $5.6 billion.
Enodis is a leading global food and beverage equipment manufacturer with approximately 6,800 employees and 30 factories in 9 countries. Listed in London and operationally headquartered in Tampa, Fla., the group’s operations comprise two primary divisions: Global Foodservice Equipment and Food Retail Equipment.
The Manitowoc Co. is a global provider of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers and commercial refrigeration equipment, the company offers a broad line of cold-side equipment to the foodservice industry. In addition, the company is a provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.