Press release from Business Wire
The Manitowoc Company Announces Divestiture of its Jackson Business to Hoshizaki USA Holdings, Inc.
Monday, January 28, 2013
The Manitowoc Company Announces Divestiture of its Jackson Business to Hoshizaki USA Holdings, Inc.08:06 EST Monday, January 28, 2013 The Manitowoc Company, Inc. (NYSE: MTW) announced that it has sold, effective today, its Jackson warewashing business to Hoshizaki USA Holdings, Inc. Specific terms of the asset sale were not disclosed. Jackson is a leading producer of warewashing equipment systems primarily for institutions and commercial kitchen applications. “The sale of the Jackson product line reinforces our commitment to our core commercial foodservice business, while enabling us to direct resources toward areas that further our strategic initiatives and drive profitable growth,” said Glen E. Tellock, Manitowoc's chairman and chief executive officer. Manitowoc will use the net proceeds of the transaction of approximately $26 million to further reduce its secured long-term debt. About The Manitowoc Company, Inc. Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 115 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, which are complemented by a slate of industry-leading product support services. In addition, Manitowoc is one of the world's leading innovators and manufacturers of commercial foodservice equipment, which includes 25 market-leading brands of hot- and cold-focused equipment. In 2011, Manitowoc's revenues totaled $3.7 billion, with more than half of these revenues generated outside of the United States. Forward-looking StatementsThis 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 complete divestitures, the finalization of the price and other terms of the divestitures, and unanticipated issues associated with transitional services provided in connection with any divestitures; andrisks 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, 2011. The Manitowoc Company, Inc.Carl J. LaurinoSenior Vice President & Chief Financial Officer920-652-1720