MANITOWOC, WI (WTAQ) – The Manitowoc Company’s board of directors has approved a plan to split its food service and building crane operations into two separate publicly-owned businesses.
CEO Glen Tellock said the move would let each firm take advantage of expected long-term improvements in demand, and other opportunities in their respective markets.
Chief financial officer Carl Laurino calls the split a logical proposition — and both would keep playing big roles in the food service and crane industries “as they stand today.”
The spin-off is expected to be finalized by early next year. The firm said it would provide more details later on the structure and management of the newly-separated firms.
A couple of shareholders have been advocating for the separation of Manitowoc’s crane and food service businesses — including billionaire investor Carl Icahn, who owns more than 7.5 percent of Manitowoc Company stock.
(Story courtesy of Wheeler News Service)
