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.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.