Manitowoc Co. announces acquisition of manufacturer Enods Plc. For $2.1B

MANITOWOC , WIS .—Manitowoc Co. Inc., the equipment supplier based here, has agreed to buy London-based equipment manufacturer Enodis Plc. for $2.1 billion. The transaction includes the assumption of Enodis’ net debt, which was valued at about $207 million as of Sept. 29, 2007.

The deal is expected to be finalized during the fourth quarter of 2008. It is subject to approval by the court in the United Kingdom, Enodis shareholders, and U.S. and European regulators. .—Manitowoc Co. Inc., the equipment supplier based here, has agreed to buy London-based equipment manufacturer Enodis Plc. for $2.1 billion. The transaction includes the assumption of Enodis’ net debt, which was valued at about $207 million as of Sept. 29, 2007.

In the United States, Enodis has its headquarters in New Port Richey, Fla. .—Manitowoc Co. Inc., the equipment supplier based here, has agreed to buy London-based equipment manufacturer Enodis Plc. for $2.1 billion. The transaction includes the assumption of Enodis’ net debt, which was valued at about $207 million as of Sept. 29, 2007.

In a statement, Manitowoc chairman Terry Growcock said, “The combination of Manitowoc and Enodis’ businesses will create one of the leading foodservice businesses globally.” .—Manitowoc Co. Inc., the equipment supplier based here, has agreed to buy London-based equipment manufacturer Enodis Plc. for $2.1 billion. The transaction includes the assumption of Enodis’ net debt, which was valued at about $207 million as of Sept. 29, 2007.

Historically, Manitowoc has focused on cold equipment, but the acquisition of Enodis will give it entry into the hot foodservice and food retail equipment segments. .—Manitowoc Co. Inc., the equipment supplier based here, has agreed to buy London-based equipment manufacturer Enodis Plc. for $2.1 billion. The transaction includes the assumption of Enodis’ net debt, which was valued at about $207 million as of Sept. 29, 2007.

Enodis, which has manufacturing facilities in North America, the United Kingdom, Western Europe and Asia, includes such brands as Cleveland, Convotherm, Delfield, Frymaster, Ice-O-Matic, Jackson, Lincoln, Merrychef and Scotsman. .—Manitowoc Co. Inc., the equipment supplier based here, has agreed to buy London-based equipment manufacturer Enodis Plc. for $2.1 billion. The transaction includes the assumption of Enodis’ net debt, which was valued at about $207 million as of Sept. 29, 2007.

The company reported revenues of $1.6 billion for the financial year ended Sept. 29, 2007. .—Manitowoc Co. Inc., the equipment supplier based here, has agreed to buy London-based equipment manufacturer Enodis Plc. for $2.1 billion. The transaction includes the assumption of Enodis’ net debt, which was valued at about $207 million as of Sept. 29, 2007.

Commenting on the purchase, Manitowoc’s president and chief executive Glen E. Tellock, said: “We have long recognized the value that a combination of the foodservice businesses of Enodis and Manitowoc would create. We believe the strategic benefits of the combination are substantial, and we are pleased to have reached an agreement for this transforming acquisition.” .—Manitowoc Co. Inc., the equipment supplier based here, has agreed to buy London-based equipment manufacturer Enodis Plc. for $2.1 billion. The transaction includes the assumption of Enodis’ net debt, which was valued at about $207 million as of Sept. 29, 2007.