The Manitowoc Company Announces Intent to Separate into 2 Independent Publicly Traded Companies
January 30, 2015 at 03:05 am IST
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On January 29, 2015, The Manitowoc Company, Inc. announced that the Board has authorized the Company's management to pursue a plan to separate the Company's Cranes and Foodservice businesses into 2 independent, publicly-traded companies.
The Manitowoc Company, Inc. is a provider of engineered lifting solutions. The Company, through its wholly owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. Its segments include Americas segment, Europe and Africa (EURAF) segment and Middle East and Asia Pacific (MEAP) segment. The Americas segment includes the North America and South America continents. The EURAF segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP segment includes the Asia and Australia continents and the Middle East region. Its crane products are used in a variety of applications throughout the world, including energy production/distribution and utility, petrochemical and industrial, and infrastructure.