— Crane-maker and food service company Manitowoc said
Thursday it will split itself in two, a move encouraged by
said it plans to spin off the food service business, which
had $1.6 billion in revenue in 2014 and makes equipment
including ice, beverage, refrigeration, food preparation,
and cooking for restaurants, convenience stores, hotels
and hospitals. It expects to complete the move during the
first quarter of 2016.
other business makes cranes for the construction industry,
and it had $2.3 billion in revenue last year.
company said the separation will allow each business to
pursue its own strategy as market conditions improve.
Co. shares advanced $1.68, or 8.7 percent, to $20.92 in
two major shareholders, Relational Investors LLC and Carl
Icahn, pushed for the company to split up. According to
FactSet, Relational is the second-largest owner of
Manitowoc shares and Icahn Associates is the
company also reported its fourth-quarter results on
Thursday. Its net income and revenue both fell short of
Wall Street forecasts, according to estimates from Zacks
the Manitowoc, Wisconsin-based company rose 17 cents to
$19.24 on Thursday. Since July 30 the stock has fallen 37