The Manitowoc Company, Inc. 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.
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