Milwaukee Journal Sentinel
Illinois Tool Works Inc. has topped Manitowoc Co.’s offer for English firm Enodis PLC, agreeing to pay $2.1 billion for the manufacturer of restaurant equipment.
Manitowoc, which makes cranes, ships and ice machines, last month bid $1.89 billion for Enodis.
Enodis recommended accepting the Illinois Tool offer after considering ''transaction certainty, from an antitrust perspective, and the higher price,'' Peter Brooks, the London-based company's chairman, said in a statement.
Manitowoc had pursued Enodis in part to boost the Wisconsin firm's presence in Europe, where it has only a small share of the food-equipment industry. Combined, the two businesses would have about $2 billion in annual revenue - up from $438 million that Manitowoc's food-equipment division had in 2007.
After the announcement by Illinois Tool Works, Manitowoc said it "is considering its position and will make a further announcement in due course."
1 comment:
My cousin recommended this blog and she was totally right keep up the fantastic work!
Restaurant Equipment
Post a Comment