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MANITOWOC, Wis. — The Manitowoc Co. Inc.'s board of directors approved the separation of its foodservice segment, which will spin off as Manitowoc Foodservice Inc. through a pro rata distribution of all the shares of the common stock of Manitowoc Foodservice to Manitowoc shareholders.
Manitowoc also announced the Registration Statement on Form 10 filed by Manitowoc Foodservice has been declared effective by the Securities and Exchange Commission. It is available at www.manitowoc.com and includes information regarding the business and spinoff of Manitowoc Foodservice.
The board of directors set a record date of Feb. 22, 2016 and a distribution date of March 4, 2016.
"With the operational preparation complete, the board of directors' authorization of the spin of Manitowoc Foodservice marks the final phase of a year-long process to create two, industry-leading, public companies," stated Kenneth W. Krueger, Manitowoc's chairman and interim CEO. "Both Cranes and Foodservice are well positioned for sustainable, long-term growth and value creation, and this separation will facilitate each to capitalize on the opportunities in their respective markets."
Manitowoc shareholders will receive one share of Manitowoc Foodservice common stock for each share of Manitowoc common stock held as of the close of business on the record date. No fractional shares of Manitowoc Foodservice will be issued. Shareholders will receive cash in lieu of fractional shares.
There is no current market for Manitowoc Foodservice common stock. The New York Stock Exchange (NYSE) has advised that on Feb. 18, Manitowoc Foodservice will begin trading on a "when-issued" basis under the symbol MFS-WI. When-issued trading will continue until the distribution is complete.
Following the distribution, Manitowoc Foodservice will trade under the ticker symbol MFS on the NYSE on March 4. The Manitowoc Co. Inc. will be a dedicated crane company, and will continue to trade on the NYSE under the ticker symbol MTW.
The distribution of Manitowoc Foodservice common stock will complete the separation of Manitowoc Foodservice from Manitowoc, after which Manitowoc Foodservice will be an independent, publicly-owned company, and Manitowoc will not own any shares of Manitowoc Foodservice common stock.