Manitowoc to Acquire Harford Duracool, LLC
Leading walk-in refrigerator/freezer manufacturer enhances Manitowoc's commercial refrigeration product line and geographic presence
MANITOWOC, Wis., March 24 /PRNewswire/ -- The Manitowoc Company, Inc. (NYSE: MTW - news) today announced that it has signed a definitive agreement to acquire Harford Duracool, LLC, a leading manufacturer of walk-in refrigerators and freezers. The cash purchase price is expected to total approximately $18 to $22 million. Harford will become part of Manitowoc's Refrigeration Group, which includes Kolpak, McCall, and Diversified Refrigeration. Manitowoc expects to close on this acquisition within the next 30 days.
``As the foodservice equipment industry continues to consolidate, we will pursue opportunities that increase Manitowoc's position as one of the world's leading manufacturers of food-cooling products,' stated Terry D. Growcock, president and chief executive officer of The Manitowoc Company. ``The acquisition of Harford expands our ability to deliver 'one-stop`` solutions to our foodservice customers while broadening our geographic reach.'
Harford Duracool maintains a 67,000-square-foot manufacturing facility in Aberdeen, Maryland. The company's primary distribution channels are foodservice equipment dealers and commercial refrigeration distributors. Harford's products range in size from 200 to 60,000 cubic feet. The company also manufactures a line of modular, temperature-controlled structures for additional niche markets.
``Harford's product line is an ideal complement to our Kolpak operation, the world's leading manufacturer of walk-in refrigerators and freezers,' stated Dennis Romer, executive vice president and general manager of Manitowoc's Refrigeration Group. ``With this acquisition, Manitowoc gains a sophisticated manufacturing facility ideally situated to service the growing East Coast marketplace, a well respected product line, and growth opportunities with related products.'
The Manitowoc Company, Inc. is a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment for the foodservice industry. It is also a leading producer of lattice-boom cranes, boom trucks, and related products for the construction industry, and specializes in ship repair, conversion, and new-construction services for the Great Lakes maritime industry.
Any statements contained herein that are not historical facts are forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. These statements include, but are not limited to, those relating to the future contribution of Harford Duracool, LLC to Manitowoc. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the company's actual results of operations are included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 1999.
SOURCE: The Manitowoc Company, Inc. |
