Manitowoc Files with SEC for Separation of Cranes and Foodservice Businesses

Manitowoc has filed a Form 10 registration statement with the Securities and Exchange Commission to separate its Cranes and Foodservice businesses. Manitowoc anticipates effecting the separation through a tax-free spin-off of the Foodservice business, which the company expects to complete by the first quarter of 2016.

“This filing represents an important milestone in executing our plan to separate the Cranes and Foodservice businesses into two industry-leading, independent, public companies,” said Glenn Tellock, chairman and CEO of Manitowoc. “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 organizational structure, operating model, and financial targets.”

The company has not yet announced any possible name changes.

The separation remains subject to the approval of the Manitowoc board of directors and other customary conditions. The company added that there is no assurance that the separation will ultimately occur or its terms and timing, and that the transaction is still subject to factors such as the macroeconomic environment, credit markets and equity markets.

Goldman, Sachs & Co. is serving as financial advisor to Manitowoc.