Manitowoc Sells Warewashing Biz

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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.

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9/28/2016 10:17 AM
MTW $4.50 Up +0.07 +1.47%
Manitowoc CAPS Rating: ***