Manitowoc Foodservice is now poised for sustainable growth as an independent public company.
The Manitowoc Co. Inc. has announced the successful completion of the spin-off of Manitowoc Foodservice Inc., its wholly-owned subsidiary. With the spin-off completion, Manitowoc Foodservice is now an independent public company, and its shares are now listed on the New York Stock Exchange (NYSE) under “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 Feb. 22, 2016. MFS shares will now commence “regular-way” trading on the NYSE.
“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,” stated Kenneth Krueger, Manitowoc’s chairman and interim CEO.