Manitowoc Company completes Manitowoc Foodservice spin-off

US-based Manitowoc Company has completed the spin-off of foodservice equipment manufacturer Manitowoc Foodservice as a separate public company.

The previously wholly owned subsidiary of Manitowoc Company will now have its shares listed on the New York Stock Exchange under ‘MFS’.

The shareholders of the Manitowoc Company received stock in the new company on 22 February.

Manitowoc chairman and interim chief executive officer Kenneth W Krueger said: "Under the leadership of Barry Pennypacker and Hubertus Muehlhaeuser, both Manitowoc Cranes and Manitowoc Foodservice are well positioned as independent, public companies to generate sustainable growth and value creation for their respective shareholders."

The new independent company’s chairperson of the board Cindy Egnotovich, and chef Daniel Boulud will join its president and CEO Hubertus Muehlhaeuser and the executive leadership team.

Muehlhaeuser said: "For more than 70 years, we have been innovation leaders in the commercial foodservice equipment industry.

"Today, we carry this legacy forward as an independent company with one of the broadest portfolios of both hot and cold foodservice equipment in the industry, from ovens, fryers, steamers, grills, ranges and induction cooktops to beverage dispensing, blending, refrigeration and ice-making equipment.

"With our global footprint and leading products and systems, we are uniquely positioned to help our customers grow."

Headquartered in Tampa, Florida, Manitowoc Foodservice is responsible for designing, manufacturing and supplying food and beverage equipment for the commercial foodservice market worldwide.

In early February, the board of directors of Manitowoc Company approved the separation of the company’s foodservice arm.