Manitowoc Company, Inc. has filed a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC) pertaining to its previously announced plan to separate the Cranes and Foodservice businesses into two industry-leading, independent, public companies. This marks an important milestone in achieving this objective.

Approval of Manitowoc’s board of directors for the separation as well as the satisfaction of certain other customary conditions is pending. Manitowoc expects the tax-free spin-off of the Foodservice business to be completed in the first quarter of 2016.

According to Manitowoc, the separation will allow each company to focus on its unique growth profile, product categories, distribution systems, and strategic priorities. The separation will also enable each company to implement the right organizational structure, operating model, and financial targets. Manitowoc, however, noted that there can be no assurance that a separation will ultimately occur and of the definite timing in case it is successfully completed. These types of transactions depend on various other factors, such as, the macroeconomic environment, credit markets and equity markets.

In January, Manitowoc announced its plans to separate its Cranes and Foodservice businesses into two independent, publicly traded companies, facing increasing pressure from investors and tough business conditions. For additional information, please visit our story 'Manitowoc to Separate Into Two Independent Publicly-Traded Companies' in the February 9, 2015 issue of the OEM/Lube News.

The Cranes business, which reported annual revenue of $2.3 billion in the twelve-month period ended December 31, 2014, is one of the world’s largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. The business holds leading market positions and highly recognized brands, including Manitowoc, Grove, National Crane, Potain, Shuttlelift and Crane Care brand names. The business operates 37 facilities in 18 countries and generates nearly 60% of its revenue from non-U.S. markets.

The Foodservice business, which reported annual revenue of $1.6 billion in the twelve-month period ended December 31, 2014, is one of the world’s leading manufacturers of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep, and cooking needs of restaurants, convenience stores, hotels, hospitals, and other institutions. The business has a worldwide network of 120 distributors serving dozens of well-recognized restaurant chains. The business promotes more than 24 industry-leading brands, including Manitowoc, Garland, Convotherm, Cleveland, Lincoln, Merrychef, Frymaster, Delfield, Kolpak, Kysor Panel, Servend, Multiplex, KitchenCare, Inducs, Koolaire and Manitowoc Beverage System, and has a global presence that spans five continents and more than 80 countries.

Founded in 1902, The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with 92 manufacturing, distribution, and service facilities in 25 countries. In 2014, Manitowoc’s revenues totaled $3.9 billion, with approximately half of these revenues generated outside of the United States.