Manitowoc Foodservice Changing Name to Welbilt

NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--

Manitowoc Foodservice, Inc. MFS, a leading global supplier of commercial foodservice equipment, announced today that it is rebranding the company, its logo and its brand identity to Welbilt, Inc. The ticker symbol will change to "NYSE:WBT" on March 6, 2017. The new name and brand represent a long-standing commitment to put customers' needs first. The change is part of the company's strategic repositioning after it spun off from its former parent company, The Manitowoc Company, in March 2016.

"We are excited to announce the changing of our name to Welbilt, Inc., which further strengthens our corporate identity as a stand-alone company," said Hubertus M. Muehlhaeuser, President and CEO of Manitowoc Foodservice, "Welbilt reflects our promise and commitment to bringing innovation to the table. Rooted in the Hirsch brothers' innovative stove in 1929, Welbilt developed to become the first company in the industry pursuing a complete systems approach. The name Welbilt uniquely connects our past with our vision of the future. Our primary objective is to continue offering a complete solution for the entire kitchen with high-quality products supported by excellent service that help our customers' kitchens reach their full potential. As we continue to innovate and grow, we will always remain grounded in our long history."

Josef Matosevic, Chief Operating Officer commented: "Welbilt is synonymous with great quality and reliability in everything we do. We have significantly improved our operations to live up to that promise. Welbilt is also pragmatically innovative and all our products and solutions are designed with the entire kitchen in mind. Finally we are intelligently connected and create seamless solutions in the kitchen to get the highest operator benefits and help our customers achieve the return on their investment faster."

Andreas G. Weishaar, SVP, Strategy, Marketing and Human Resources said, "The corporate rebranding builds on the accomplishments of our dedicated team over the past year. Today, we are more customer-centric and more agile. To meet our future growth objectives, we will focus on further developing our 12 strong global brands under our new corporate name. In short, we are ready to live up to our new name, Welbilt."

Welbilt has one of the broadest portfolios of both hot and cold foodservice equipment in the industry, from ovens, fryers, steamers, grills, ranges and induction cooktops to beverage dispensing, blending, refrigeration and ice-making equipment. The company has a global manufacturing footprint and award-winning brands that serve the world's largest quick service, fast casual and fine dining restaurants. In 2016, the company released 23 product innovations. Among others, the company received two National Restaurant Association Kitchen Innovation Awards and a variety of customer appreciation awards. The company has also been an ENERGY STAR® Partner of the Year since 2009 and has received seven years of award winning excellence.

Upon the effectiveness of the name change on March 6, 2017, Welbilt, Inc. WBT shares will trade using the CUSIP number 949090 10 4.

About Manitowoc Foodservice, Inc./Welbilt, Inc.

Manitowoc Foodservice, Inc./Welbilt, Inc. provides the world's top chefs and premier chain operators or growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. We offer fully-integrated kitchen systems and our products are backed by KitchenCare® – our aftermarket, repair, and parts service. Headquartered in the Tampa Bay area, Florida, and operating 18 manufacturing facilities throughout the Americas, Europe and Asia, the company sells through a global network of over 3,000 distributors and dealers in over 100 countries. The company has approximately 5,500 employees and generated sales of $1.57 billion in 2015. Its portfolio of award-winning brands includes Cleveland™, Convotherm®, Delfield®, fitkitchen^SM, Frymaster®, Garland®, Kolpak®, Lincoln™, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. For more information, visit www.welbilt.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170206005221/en/