Manitowoc Sells Warewashing Biz

On Monday, crane and kitchen-equipment maker Manitowoc (NYSE: MTW  ) announced that it has narrowed its focus a bit and sold, effective today, its Jackson warewashing business to Japan's Hoshizaki USA Holdings.

Specific financial terms weren't disclosed. However, Manitowoc did allow that sale of the warewashing -- or, as most people would probably call it, industrial-strength dishwashing -- business will net it $26 million. Manitowoc says it plans to use the funds to pay down its debt, which currently sits north of $2 billion.  

Investors didn't appear particularly impressed with the sum, however, bidding down Manitowoc shares 0.2% to close at $17.67.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2220092, ~/Articles/ArticleHandler.aspx, 7/30/2014 2:01:01 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement