The Manitowoc Co. Inc. has signed a definitive agreement for the divestiture of its Kysor/Warren and Kysor/Warren de Mexico businesses to Lennox International for a value of approximately $138 million, subject to a post-closing working capital adjustment.
“Over the last several years, Manitowoc has built a strong portfolio of leading brands serving the commercial foodservice industry, and we believe the value of Kysor/Warren will be better leveraged under Lennox’s ownership,” said Glen Tellock, Manitowoc’s chairman and CEO. “In addition, this divestiture will allow us to intensify the focus on our strategic imperatives including greater innovation around our core brands, improving operational efficiencies across our global footprint and driving organic growth opportunities.”
This will not have an impact on Kolpak, RDI or other Manitowoc Foodservice walk-in business. Manitowoc remains committed to the manufacturing and sale of walk-in panels and foodservice refrigeration systems through existing partners and will continue to support sales channels.
Kysor/Warren, formerly a Manitowoc Foodservice brand, is a producer of refrigerated display merchandisers and systems primarily for retail applications such as grocery stores, supermarkets and convenience stores.