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Manitowoc Files for Separation of Cranes & Foodservice Businesses

The Manitowoc Company, Inc. made the initial filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) in connection with the company's previously announced plan to separate its Cranes and Foodservice businesses. 

September 03, 2015

The Manitowoc Company, Inc. made the initial filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) in connection with the company's previously announced plan to separate its Cranes and Foodservice businesses. businesses. Manitowoc expects the separation to be completed in the first quarter of 2016.

The initial Form 10 Registration Statement filed with the SEC includes information about the Foodservice business, such as historical segment sales and profit. The Foodservice business has not yet finalized its post-distribution capitalization structure. Pro-forma financial information reflecting the company's post-distribution capitalization, among other matters, will be included in a subsequent amendment to the Form 10.

The separation remains subject to the approval of the Manitowoc Board of Directors and the satisfaction of certain other customary conditions, including the effectiveness of the Form 10 Registration Statement. The company notes that there can be no assurance that a separation will ultimately occur or, if one does occur, as to its terms or timing. Any transaction of this type is dependent on numerous factors that include the macroeconomic environment, credit markets and equity markets.

Goldman, Sachs & Co. is serving as financial advisor and Foley & Lardner LLP and Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal advisors to the Company.

 

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