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
“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