The Manitowoc Company, Inc. Board of Directors Formally Approves Separation of Manitowoc Foodservice and Distribution Date; Form 10 Registration Statement Declared Effective
“With the operational preparation complete, the Board of Directors' authorization of the spin of Manitowoc Foodservice marks the final phase of a year-long process to create two, industry-leading, public companies. Both Cranes and Foodservice are well positioned for sustainable, long-term growth and value creation, and this separation will facilitate each to capitalize on the opportunities in their respective markets,” commented
Kenneth W. Krueger, Manitowoc’s chairman and interim chief executive officer.
For each share of
There is no current market for Manitowoc Foodservice common stock.
After the distribution, Manitowoc Foodservice will be an independent
company and its stock will begin regular way trading under the ticker
symbol MFS on the
The distribution of Manitowoc Foodservice common stock will complete the
separation of Manitowoc Foodservice from
The distribution of Manitowoc Foodservice common stock is subject to the
conditions set forth in the Master Separation and Distribution Agreement
to be entered into between
No action is required by Manitowoc’s shareholders in order to receive shares of Manitowoc Foodservice common stock in the distribution.
Founded in 1902,
This press release includes “forward-looking statements” intended to
qualify for the safe harbor from liability under the Private Securities
Litigation Reform Act of 1995. Any statements contained in this
press release that are not historical facts are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on the current
expectations of the management of
possible negative effects on
Manitowoc'sbusiness operations, assets or financial results as a result of the Spin-Off;
- capitalization of the two independent companies;
- unanticipated changes in revenues, margins, costs and capital expenditures;
- the ability to significantly improve profitability;
- the ability to increase operational efficiencies across each of Manitowoc’s business segments and to capitalize on those efficiencies;
- realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies and options; and
risks and other factors cited in
Manitowoc'sfilings with the United States Securities and Exchange Commission(the “SEC”).