Manitowoc Company sells freezer and cooler system business

Freeman Staff

Dec. 7, 2015

MANITOWOC —The Manitowoc Company, Inc. announced Monday it sold its Kysor Panel Systems business for about $85 million to an affiliate of D Cubed Group LLC, a private market investment firm.

Kysor Panel Systems is a producer of wood frame and high-density rail panel systems for walk-in freezers and coolers for the retail and convenience-store markets.

“The sale of Kysor Panel Systems furthers our strategy of focusing on our core brands within our foodservice segment, while aligning this business with its market-leading portfolio of commercial foodservice equipment,” said Kenneth Krueger, Manitowoc’s interim chairman and chief executive officer, in a statement.

Manitowoc intends to use sale proceeds to reduce its debt and for financial leverage, according to the announcement.