The Manitowoc Company announces formation of independent foodservice business
The Manitowoc Company, which to date has served two very different business-to-business markets - cranes and foodservice equipment - has announced the separation of its foodservice segment to create an independent company to be known as Manitowoc Foodservice.
The Manitowoc Company, which dates back to 1902 from the lakeshore community of Manitowoc, Wisconsin, USA, released the news to the trade press today at Hotelympia 2016, at ExCel London and explained that its board of directors had approved the separation of its foodservice segment, which will be spun off as Manitowoc Foodservice, Inc (Manitowoc Foodservice), through a pro rata distribution of all the shares of the common stock of Manitowoc Foodservice to Manitowoc shareholders.
The Registration Statement on Form 10 filed by Manitowoc Foodservice has been declared effective by the Securities and Exchange Commission which includes information regarding the business and spin-off of Manitowoc Foodservice. The board has set a record date of February 22, 2016 and a distribution date of March 4, 2016 at the London Stock Exchange.
Speaking to The Caterer at Hotelympia yesterday, Hubertus M. Mühlhäuser (pictured), president and chief executive officer for Manitowoc Foodservice, said: "The separation of Manitowoc Foodservice marks the final phase of a year-long process to create two, industry-leading, public companies.
"The result will enable both companies to stand on their own feet and create their own strategies."
With brands such as Convotherm, Frymaster, Garland and Merrychef in its portfolio, Mühlhäuser was bullish and promised organic growth for 2016, acquisitions starting in 2017 and up to 25 new products and product upgrades in 2016.
He described a solidly financed proposition which would allow more focus on the UK and Europe, and added: "The UK is our biggest market in Europe - and a key manufacturing hub."
Manitowoc Foodservice began trading on a "when-issued" basis under the symbol MFS-WI on the New York Stock Exchange (NYSE) on 18 February 2016 with Mühlhäuser accompanied by chef Daniel Boulud ‘officially' ringing the bell from the NYSE balcony this Friday when trading will continue until the distribution is complete.
The distribution of Manitowoc Foodservice common stock will complete the separation of Manitowoc Foodservice from Manitowoc. After the distribution, Manitowoc Foodservice will be an independent, publicly-owned company, and Manitowoc will not own any shares of Manitowoc Foodservice common stock.
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