The Manitowoc Co. has successfully completed the spinoff of its wholly owned subsidiary Manitowoc Foodservice Inc. as an independent public company with shares listed on the New York Stock Exchange under the symbol MFS.
The spinoff was achieved through a tax-free distribution to Manitowoc shareholders of one share of Manitowoc Foodservice stock for every share of Manitowoc stock held at the close of business on the record date of Feb. 22. Beginning today MFS shares will begin “regular-way” trading on the NYSE.
“We are extremely pleased to complete the spinoff of Manitowoc Foodservice,” said Kenneth Krueger, Manitowoc chairman and interim CEO. “Under the leadership of Barry Pennypacker and Hubertus Muehlhaeuser, both Manitowoc Cranes and Manitowoc Foodservice are well positioned as independent, public companies to generate sustainable growth and value creation for their respective shareholders.”
