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Enodis, which is listed in London and headquartered in Tampa, Fla., produces commercial ice-making machines and deep fryers, with a client list including McDonald's Corp. and Wal-Mart Stores Inc.
Manitowoc Wins Bid for Enodis Marietta Cauchi, Margot Patrick 2008
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The company now expects to net about $150 million from the sale of Enodis, lower than it had expected, and expects to take a $30 million write-down on the value of the Enodis business.
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In addition, Manitowoc on Monday reiterated its warning from earlier this month that it could violate certain debt covenants during the second half amid the earnings pressures and lower-than expected proceeds from the sale of its Enodis ice-machine operations.
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"This higher offer underlines the regard which Enodis has built in the global foodservice industry," said Enodis Chairman Peter Brooks in a statement.
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Enodis owns a portfolio of 30 brands and its range of food service equipment includes primary cooking, ovens, storage, preparation and holding, and beverage cooling and dispensing equipment.
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Enodis Agrees to Takeover Enodis accepted a $2.01 billion takeover offer from Illinois Tool Works.
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Enodis Agrees to Takeover Enodis accepted a $2.01 billion takeover offer from Illinois Tool Works.
Downshifting 2008
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Enodis posted pretax profit of £63.3 million for the fiscal year ended Sept. 29, 2007, on revenue of £804.4 million.
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In a joint statement, Enodis and ITW said that the transaction will create an industry leader in food service equipment.
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The ITW deal values Enodis, which supplies fryer systems to restaurants, including fast-food giant McDonald's Corp., at 282 pence per share.
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