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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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Rich Smith

I like things that go "boom." Sonic or otherwise, that means I tend to gravitate towards defense and aerospace stocks. But to tell the truth, over the course of a dozen years writing for The Motley Fool, I have covered -- and continue to cover -- everything from retailers to consumer goods stocks, and from tech to banks to insurers as well. Follow me on Twitter or Facebook for the most important developments in defense & aerospace news, and other great stories besides.

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