Farewell Foodservice! Manitowoc’s (MTW) board of directors formally approved the spinoff of Manitowoc Foodservice, its foodservice equipment segment, last week. The new company will trade on the NYSE under the ticker ‘MFS’ and on March 4th, shareholders will receive one share of MFS for every MTW share owned. A ‘When-Issued’ market is expected to begin on or around February… Read More »
Less than seven years after turning itself into a more diversified conglomerate with the purchase of Enodis, Manitowoc (MTW) reversed course and announced that it would separate its foodservice business from its crane equipment unit. The move comes after severe pressure from several activist investors, beginning with Relational Investors last summer and more recently from Carl Icahn who seemed… Read More »
In the middle of 2014, Relational Investors was busy notching another activist victory, this time at Timken (TKR), while also building up the case on its newest target, The Manitowoc Company (MTW). In short, the firm argued that a foodservice business selling machinery to restaurants didn’t have any reason to be paired with a crane equipment business. As… Read More »
Just a few days before officially notching a victory at Timken (TKR), Relational Investors unveiled its latest target: The Manitowoc Company (MTW). The activist firm announced that it had acquired over 8.5% of the historic manufacturer of ice machines and crane equipment and urged the company to consider a spinoff of its foodservice business. The company operates under two business segments, foodservice and… Read More »