15.12.2010

Manitowoc sells refrigeration company

Manitowoc has agreed to sell refrigeration businesses Kysor/Warren and Kysor/Warren de Mexico to Lennox International for $138 million, subject to a post-closing working capital adjustment.

Kysor/Warren produces refrigerated display merchandisers and systems primarily for retail applications.

Manitowoc will use the net proceeds from the sale of around $100 million to further reduce its debt. The transaction, which is expected be finalised in the first quarter of 2011.

Manitowoc's chief executive Glen Tellock said: "Over recent 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. 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."