NYSE bell-ringing duties for Manitowoc as foodservice arm completes spin-off

NEW YORK, NY - MAY 06:  Traders work on the floor of the New York Stock Exchange on May 6, 2013 in New York City. Following a week where the Dow Jones industrial average closed at record highs, U.S. stocks were down slightly after the opening bell.  (Photo by Spencer Platt/Getty Images)

Manitowoc Foodservice will today ring the opening bell of the New York Stock Exchange to mark its first day of trading as a standalone public company.

The catering equipment giant, which manufactures cooking and refrigeration equipment, will trade under the ticker ‘MFS’.

CEO Hubertus Muehlhaeuser will have the honour of formally ringing the bell to mark the ceremonial opening of trading at 9.30am Eastern Standard Time.

He will be joined by the company’s executive leadership team as well as chairperson of the board, Cindy Egnotovich, and world-famous chef Daniel Boulud.

The move marks a new chapter for the foodservice business, which will now function separately to the Manitowoc Cranes business.

Muehlhaeuser, who spoke to FEJ about his growth plans during a visit to Hotelympia in London this week, has spent the last 14 months preparing and structuring the company for the next phase of its growth.

“For more than 70 years, we have been innovation leaders in the commercial foodservice equipment industry,” declared Muehlhaeuser. “Today we carry this legacy forward as an independent company with one of the broadest portfolios of both hot and cold foodservice equipment in the industry, from ovens, fryers, steamers, grills, ranges and induction cooktops to beverage dispensing, blending, refrigeration and ice-making equipment. With our global footprint and leading products and systems, we are uniquely positioned to help our customers grow.”

Manitowoc’s board of directors formally approved the separation of the foodservice segment business through a pro rata distribution of all the shares of the common stock of Manitowoc Foodservice to Manitowoc shareholders last month.

Manitowoc made sales of $1.6 billion (£1.13 billion) from foodservice equipment last year, while operating earnings rose 2% to $240m (£170m).

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