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The Manitowoc Company, Inc. (Manitowoc, WI) sold its Jackson warewashing business to Hoshizaki USA Holdings (South Peachtree City, GA). Specific terms were not disclosed.
Jackson (Gray, KY) is a producer of commercial dishwashing equipment and warewashing systems, primarily for institutions and commercial kitchens. Jackson MSC, Inc, will be a newly formed subsidiary of Hoshizaki USA Holdings.
Hoshizaki Group foodservice products including ice machines, refrigerators and freezers, dispensers, display cases, and warewashers. Hoshizaki Group includes 46 affiliated companies around the world with over 10,000 employees.
Glen E. Tellock, Manitowoc chairman and CEO, said, "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."
Manitowoc will use the net proceeds of the transaction, of approximately $26 million, to help reduce its secured long-term debt.
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