The Manitowoc Company, Inc. announced on Thursday, February 11 that its board of directors has approved the previously announced plan to split its Foodservice and Crane segments into separate companies.

Company officials said that it will spin off the Foodservice segment, which will become Manitowoc Foodservice and will operate as an independent company. The Crane segment will operate as the Manitowoc Company.

“With the operational preparation complete, the Board of Directors' authorization of the spin of Manitowoc Foodservice marks the final phase of a year-long process to create two, industry-leading, public companies. Both Cranes and Foodservice are well positioned for sustainable, long-term growth and value creation, and this separation will facilitate each to capitalize on the opportunities in their respective markets,” commented Kenneth W. Krueger, Manitowoc’s chairman and interim chief executive officer.

Manitowoc Foodservice will be an independent company and its stock will begin regular way trading under the ticker symbol MFS on the NYSE on March 4, 2016. Additionally, The Manitowoc Company, Inc. will be a dedicated crane company, and will continue to trade on the NYSE under the ticker symbol MTW.

Founded in 1902, The Manitowoc Company, Inc. is a multi-industry capital goods manufacturer with 80 manufacturing, distribution and service facilities in 25 countries. Manitowoc is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry as well as one of the world’s leading manufacturers of commercial foodservice equipment, which includes 23 market-leading brands of hot- and cold-focused equipment. In 2015, Manitowoc’s revenues totaled $3.4 billion, with approximately half of these revenues generated outside the United States.