September 11 - The Manitowoc Company has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) regarding plans to separate its Cranes and Foodservice business units into two independent, publicly-traded companies.
In January 2015, Manitowoc announced its intent to purse the separation of the company's two business segments.
Manitowoc anticipates effecting the separation of the two divisions through a tax-free spin-off of its Foodservice business, which the company expects to complete in the first quarter of 2016.
"We believe that the separation will allow each company to focus on its unique growth profile, product categories, distribution systems, and strategic priorities. The separation will also enable each company to implement the right organisational structure, operating model, and financial targets," said Manitowoc chairman and ceo Glen E. Tellock.
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.