The Manitowoc Company Announces Divestiture of its Kysor/Warren Business to Lennox International
MANITOWOC, Wis. − December 15, 2010 − The Manitowoc Company, Inc. (NYSE: MTW) announced today that it has signed a definitive agreement for the divestiture of its Kysor/Warren and Kysor/Warren de Mexico businesses (“Kysor/Warren”) to Lennox International (NYSE: LII) for a value of approximately $138 million, subject to a post-closing working capital adjustment.
“Over the last several years, Manitowoc has built a strong portfolio of leading brands serving the commercial foodservice industry, and we believe the value of Kysor/Warren will be better leveraged under Lennox’s ownership,” said Glen E. Tellock, Manitowoc’s chairman and chief executive officer. “In addition, this divestiture will allow us to intensify the focus on our strategic imperatives including greater innovation around our core brands, improving operational efficiencies across our global footprint, and driving organic growth opportunities.”
This will not have an impact on Kolpak, RDI, or other Manitowoc Foodservice walk-in business. Manitowoc remains committed to the manufacturing and sale of walk-in panels and foodservice refrigeration systems through existing partners and will continue to support sales channels.
Kysor/Warren, formerly a Manitowoc Foodservice brand, is a leading producer of refrigerated display merchandisers and systems primarily for retail applications such as grocery stores, supermarkets, and convenience stores.