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.
Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Manitowoc Co. Stock Popped 5.8% in October: What You Need to Know
The crane manufacturer's shares surged in anticipation of a recovery in the construction markets.
Will Manitowoc Company Earnings Surprise the Markets the Way Caterpillar Did?
Manitowoc already gave investors a hint of what to expect from its third-quarter numbers.
Here's Why Manitowoc Company Soared 40% in August
Winning over Wall Street wasn't the only thing that lifted investors' enthusiasm for this crane manufacturer last month.