Manitowoc to Divest Jackson Unit to Hoshizaki USA Holdings
The Manitowoc Company, Inc. (NYSE: MTW) announced that it has sold, effective today, its Jackson warewashing business to Hoshizaki USA Holdings, Inc. Specific terms of the asset sale were not disclosed. Jackson is a leading producer of warewashing equipment systems primarily for institutions and commercial kitchen applications.
“The sale of the Jackson product line reinforces our commitment to our core commercial foodservice business, while enabling us to direct resources toward areas that further our strategic initiatives and drive profitable growth,” said Glen E. Tellock, Manitowoc's chairman and chief executive officer.
Manitowoc will use the net proceeds of the transaction of approximately $26 million to further reduce its secured long-term debt.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.