SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 1, 1995
(Date of earliest event reported)
THE MANITOWOC COMPANY, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 1-11978 39-0448110
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
700 East Magnolia Avenue, Suite B, Manitowoc, WI 54220
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (414-684-4410)
(Former name or former address, if changed since last report)
Item 5. Other Events
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On September 1, 1995, The Manitowoc Company, Inc. (the ``Company'')
issued a press release announcing that it had entered into a letter of
intent to acquire 100% ownership of The Shannon Group, Inc., a
privately held manufacturer of commercial refrigerators, freezers and
related products. The Shannon Group, Inc. is majority owned by
affiliates of Trivest, Inc., a private investment firm.
The transaction, valued in excess of $100 million, is subject to the
usual conditions and due diligence investigation, as well as the
approval of the Boards of Directors of both companies. A definitive
agreement and completion of the purchase is expected by the end of the
year. The Company intends to finance the entire purchase with debt
arranged through commercial banks at favorable rates.
The Shannon Group, Inc. is headquartered in Brentwood, Tennessee, near
Nashville. It is a leading U.S. producer of walk-in refrigerators and
freezers, reach-in refrigerators and freezers, and related products.
Its customers include many of the major fast-food restaurant chains
and leading grocery chains in the United States.
The press release is incorporated herein by reference to Exhibit 20 of
this Report, to which the reader is referred for more information.
Item 7. Financial Statements and Exhibits
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(c) Exhibits:
See the Exhibit Index following the Signature page of
this Report, which is incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf
by the undersigned thereunto duly authorized.
DATE: September 5, 1995 THE MANITOWOC COMPANY, INC.
(Registrant)
/s/ Robert R. Friedl
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Vice President and
Chief Financial Officer
THE MANITOWOC COMPANY, INC.
EXHIBIT INDEX
TO
FORM 8-K CURRENT REPORT
Date of Report: September 1, 1995
Exhibit Filed
No. Description Herewith
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20 Press Release dated September 1, X
1995 regarding entering into letter
of intent to acquire 100% ownership
of The Shannon Group, Inc.
THE MANITOWOC COMPANY, INC.
NEWS For Immediate Release
THE MANITOWOC COMPANY
TO PURCHASE SHANNON GROUP
MANITOWOC, Wisconsin, September 1, 1995 --- The Manitowoc Company,
Inc. (MTW), has signed the letter of intent to acquire 100% ownership
of The Shannon Group, Inc., a privately held manufacturer of
commercial refrigerators, freezers, and related products. The Shannon
Group, Inc. is majority owned by affiliates of Trivest, Inc., a
private investment firm.
The transaction, valued in excess of $100 million, is subject to
the usual conditions and due diligence investigation, as well as the
approval of the Boards of both companies. A definitive agreement and
completion of the purchase is expected by the end of the year.
Manitowoc intends to finance the entire purchase with debt arranged
through commercial banks at favorable rates.
The Shannon Group had sales of $66 million for the first six
months of 1995, while Manitowoc net sales for the same period totaled
$151 million.
Shannon is headquartered in Brentwood, Tennessee, near Nashville.
It is a leading U.S. producer of walk-in refrigerators and freezers,
reach-in refrigerators and freezers, and related products. Its
customers include many of the major fast-food restaurant chains and
leading grocery chains in the United States.
Fred M. Butler, president and chief executive officer of The
Manitowoc Company, said Manitowoc had been seeking a quality
acquisition in the foodservice business for some time and that The
Shannon Group is an excellent fit to the company's existing
foodservice operations.
``I'm pleased we were able to find a company of this caliber, and
am excited about the potential this acquisition represents for our
company and for The Shannon Group. It has been an outstanding
performer in its industry, and we expect the current operating
management to remain in place. Shannon production and distribution
will continue to operate independently, reporting directly to Robert
K. Silva, Manitowoc chief operating officer,''said Butler.
``By increasing the contribution from foodservice operations,
which tend to be more stable than some of our other businesses, we
intend to reduce the past cyclical nature of our overall performance.
``I'm encouraged that this proposed acquisition will contribute
to future Manitowoc earnings and will provide a solid base for future
growth opportunities in the foodservice field,''said Butler.
The Manitowoc Company is a leading producer of cranes and related
products, commercial ice machines, commercial reach-in refrigerators
and freezers, and also specializes in ship repair work on the Great
Lakes.
Company contact:
Robert R. Friedl
Chief Financial Officer
414-683-8136
