Manitowoc’s board of directors has approved the separation of its Foodservice segment, which will be spun off as Manitowoc Foodservice Inc. through a pro rata distribution of all the shares of the common stock of Manitowoc Foodservice to Manitowoc shareholders.
Manitowoc also announced that the Registration Statement on Form 10 filed by Manitowoc Foodservice has been declared effective by the Securities and Exchange Commission, available at www.manitowoc.com. The Registration Statement on Form 10 includes information regarding the business and spin-off. The board has set a record date of Feb. 22 and a distribution date of March 4.
“With the operational preparation complete, the board of directors’ authorization of the spin of Manitowoc Foodservice marks the final phase of a year-long process to create two, industry-leading, public companies,” said Kenneth Krueger, Manitowoc chairman and interim CEO. “Both Cranes and Foodservice are well positioned for sustainable, long-term growth and value creation, and this separation will facilitate each to capitalize on the opportunities in their respective markets.”
Beginning Feb. 18, Manitowoc Foodservice will begin trading on a “when-issued” basis under the symbol MFS-WI. When-issued trading will continue until distribution is complete. Manitowoc Co. common stock will still trade under the MTW.
