The Manitowoc Co. Inc. announced that its board of directors has approved the separation of its Foodservice segment, which will be spun off as Manitowoc Foodservice, Inc., through a pro rata distribution of all the shares of the common stock of Manitowoc Foodservice to Manitowoc shareholders.
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.
“With the operational preparation complete, the board of directors' authorization of the spin off of Manitowoc Foodservice marks the final phase of a year-long process to create two, industry-leading, public companies,” said Kenneth W. Krueger, Manitowoc’s chairman and interim chief executive officer. “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,”
Manitowoc Foodservice will be an independent company and its stock will begin trading under the ticker symbol MFS on the NYSE on March 4, 2016. Additionally, The Manitowoc Company, Inc. will be a dedicated crane company, and will continue to trade on the NYSE under the ticker symbol MTW.