Capital goods manufacturer The Manitowoc Co. Inc. (MTW: Quote) said Monday it has sold its Jackson warewashing business to Hoshizaki USA Holdings Inc. Specific terms of the asset sale were not disclosed.
Jackson is a producer of warewashing equipment systems primarily for institutions and commercial kitchen applications.
“The sale of the Jackson product line reinforces our commitment to our core commercial foodservice business, while enabling us to direct resources toward areas that further our strategic initiatives and drive profitable growth,” said Glen Tellock, Manitowoc’s chief executive officer.
Manitowoc will use the net proceeds of the deal of about $26 million to reduce its secured long-term debt.
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by RTT Staff Writer
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