Deal expected to net $26M for Manitowoc.
The Manitowoc Company, Inc. has sold its Jackson warewashing business to Hoshizaki USA Holdings, Inc. The deal is expected to generate net proceeds of $26 million for Manitowoc, which the company says it will use to pay down its long-term debt.
"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 E. Tellock, Manitowoc's chairman and chief executive officer.
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