Separation completed at Manitowoc
By Alex Dahm07 March 2016
Manitowoc completed the separation of Manitowoc Cranes and Manitowoc Foodservice into two independent public companies on 4 March 2016.
Commenting on the move, Kenneth Krueger, Manitowoc chairman and interim chief executive officer, said, “We are extremely pleased to complete the spin-off of Manitowoc Foodservice. Under the leadership of Barry Pennypacker and Hubertus Muehlhaeuser, both Manitowoc Cranes and Manitowoc Foodservice are well positioned as independent, public companies to generate sustainable growth and value creation for their respective shareholders.”
Manitowoc Foodservice will be quoted as an independent public company listed on the New York Stock Exchange under the symbol MFS. The spin-off was achieved through a tax-free distribution to Manitowoc shareholders of one share of Manitowoc Foodservice stock for every share of Manitowoc stock held at the close of business on the record date of 22 February 2016, Manitowoc said.