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Cold-equipment specialist Manitowoc Co. to expand with $2.7B acquisition of Enodis

MANITOWOC WIS. —Manitowoc Co., the ice-machine maker based here, beat out Illinois Tool Works Inc. in an auction to acquire restaurant equipment supplier Enodis Plc., which said it would recommend the offer.

Manitowoc agreed to pay about $2.7 billion for the United Kingdom-based company. The deal is expected to close sometime in the fourth quarter of 2008. —Manitowoc Co., the ice-machine maker based here, beat out Illinois Tool Works Inc. in an auction to acquire restaurant equipment supplier Enodis Plc., which said it would recommend the offer.

Enodis’ portfolio, which features both hot and cold equipment, includes such brands as Cleveland, Convotherm, Delfield, Frymaster, Garland, Jackson, Lincoln and Merrychef. The company reported revenues of about $1.7 billion for the 12 months ended March 29, 2008. —Manitowoc Co., the ice-machine maker based here, beat out Illinois Tool Works Inc. in an auction to acquire restaurant equipment supplier Enodis Plc., which said it would recommend the offer.

Manitowoc previously has focused on commercial cold equipment, and the company said the integration of the two firms would provide “significant synergies.” The company projects that cost and revenue synergies could exceed more than $80 million by 2010. Manitowoc also said the combined companies would have generated combined annual sales of $5.6 billion in the most recent year. —Manitowoc Co., the ice-machine maker based here, beat out Illinois Tool Works Inc. in an auction to acquire restaurant equipment supplier Enodis Plc., which said it would recommend the offer.

“We believe the expanded global footprint of the combined businesses creates an outstanding growth platform,” said Michael Kachmer, president of Manitowoc’s Foodservice business. “With the world’s largest foodservice companies growing at rates well in excess of the overall industry, we should be well-positioned to partner with our customers in creating modern, efficient kitchens that deliver dining choices that consumers want.” —Manitowoc Co., the ice-machine maker based here, beat out Illinois Tool Works Inc. in an auction to acquire restaurant equipment supplier Enodis Plc., which said it would recommend the offer.

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