Manitowoc wins bid for Enodis

By Rick Barrett
Milwaukee Journal Sentinel

Manitowoc Co. (MTW) has won an auction to purchase a British restaurant-equipment manufacturer, Enodis Plc, for $2.7 billion.

Enodis, which supplies fryer systems to McDonald’s and other fast-food restaurants, was at the center of a bidding war between Manitowoc and its competitor, Illinois Tool Works Inc. (ITW).

If the deal closes as expected this fall, it will quadruple Manitowoc’s annual food-equipment sales to more than $2 billion and make it one of the largest companies of its kind in the world.

Enodis, which has manufacturing plants in North America, Europe and Asia, and employs 6,800 workers, recently reported a profit of $19 million for the six months ending March 29. More than 70 percent of the company's sales are from North America.