Enodis Breaks From Manitowoc, Strikes Deal with ITW

By FES Staff -- Foodservice Equipment & Supplies, 5/13/2008 3:24:00 PM

Enodis plc signed an agreement to be acquired by The Manitowoc Co. in April, but since then, the European-based equipment manufacturer, enticed by offerings from Illinois Tool Works, broke its agreement with the refrigeration specialists to pair up with the parent company of Hobart.

Glenview, Ill.-based ITW offered to buy Enodis for $2.1 billion in cash as well as assume the company’s debt, which was $210 million as of Sept. 30, 2007. That brings the total offer to $2.3 billion, compared to $2.1 billion initially offered by Manitowoc. Terms of the transaction are still subject to shareholder approval.

Enodis reported revenues of $1.6 billion in the financial year ended Sept. 29, 2007. The Enodis product lines feature items on both the “cold” and “hot” sides of the industry. ITW had foodservice business revenues of $1.9 billion in 2007.

ITW’s group of core brands includes Hobart-Traulsen, which focuses on mixers and slicers, Kairak (refrigeration), Vulcan-Hart (ranges), among others. 

Read FE&S's staff blog post about the event.