The Manitowoc Company Announces Divestiture of Kysor Panel Systems Business
By Business Wire News
By Business Wire News
The Manitowoc Company, Inc. (NYSE: MTW) today announced that it has sold its Kysor Panel Systems business to an affiliate of D Cubed Group LLC, a private market investment firm, for a value of approximately $85 million, subject to certain adjustments for funded indebtedness, working capital, and capital expenditures. Kysor Panel Systems is a leading producer of wood frame and high-density rail panel systems for walk-in freezers and coolers for the retail and convenience-store markets.
“The sale of Kysor Panel Systems furthers our strategy of focusing on our core brands within our Foodservice segment, while aligning this business with its market-leading portfolio of commercial foodservice equipment,” said Kenneth Krueger, Manitowoc’s interim chairman and chief executive officer.
Manitowoc intends to use the Kysor Panel proceeds to further reduce its debt and financial leverage.
SunTrust Robinson Humphrey, Inc. acted as exclusive financial advisor to The Manitowoc Company.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with 92 manufacturing, distribution, and service facilities in 25 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry. Manitowoc is also one of the world’s leading innovators and manufacturers of commercial foodservice equipment, which includes 24 market-leading brands of hot- and cold-focused equipment. In addition, both segments are complemented by a slate of industry-leading product support services. In 2014, Manitowoc’s revenues totaled $3.9 billion, with approximately half of these revenues generated outside of the United States.
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 the company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as “intends,” “expects,” “anticipates,” “targets,” “estimates,” and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:
- the ability to carry out the Foodservice segment strategy to implement Manitowoc’s long-term initiatives;
- risks and other factors cited in Manitowoc’s filings with the United States Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the company’s actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2014.
The Manitowoc Company, Inc.
Carl J. Laurino
Senior Vice President & Chief Financial Officer