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: October 1, 1997
(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)
500 So. 16th Street, Manitowoc, WI 54220
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (920-684-4410)
(Former name or former address, if changed since
last report)
Item 5. Other Events
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On October 1, 1997, The Manitowoc Company, Inc. (the "Company")
issued a press release announcing that it entered into an agreement to
acquire the operations and assets of SerVend International, a
privately held manufacturer of ice/beverage dispensers and dispensing
valves.
The $65-75 million purchase will be financed through pre-arranged,
favorable-rate bank debt. The transaction, which has been approved by
the Board of Directors of the Company, is subject to certain
conditions. The closing is set for October 31, 1997.
SerVend is headquartered in Sellersburg, Indiana, near Louisville,
Kentucky. It has one manufacturing facility located in Sellersburg
and another in Portland, Oregon, and about 300 employees. Its
customers include many of the major quick-service restaurant chains,
convenience stores, and soft-drink bottlers in the nation.
The press release is incorporated herein by reference to Exhibit 20 of
this report. The reader is referred to this Exhibit for more
information on the transaction.
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.
SIGNATURES
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: October 3, 1997 THE MANITOWOC COMPANY, INC.
(Registrant)
By: /s/ Robert R. Friedl
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Robert R. Friedl
Senior Vice President and
Chief Financial Officer
THE MANITOWOC COMPANY, INC.
EXHIBIT INDEX
TO
FORM 8-K CURRENT REPORT
Dated October 1, 1997
Exhibit Filed
No. Description Herewith
- -------- ----------- --------
20 Press Release dated X
October 1, 1997, regarding
entering into a definitive
agreement to acquire
SerVend International, Inc.
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.
NEWS For Immediate Release
MANITOWOC TO ACQUIRE ASSETS OF
ICE/BEVERAGE-DISPENSER MAKER
SERVEND INTERNATIONAL
MANITOWOC, Wisconsin, October 1, 1997 - The Manitowoc Company, Inc.
(MTW:NYSE), and SerVend International, a privately owned company,
announced today that Manitowoc had signed an agreement to purchase the
operations and assets of SerVend in a cash transaction. The closing
is set for October 31, 1997.
Manitowoc has arranged bank financing for the $65-75 million
acquisition.
SerVend, with expected 1997 sales of approximately $50 million,
is headquartered in Sellersburg, Indiana. Founded in 1980, the
family-owned operation has grown to become one of the world's largest
manufacturers of ice/beverage dispensers and dispensing valves for the
soft-drink industry.
The Manitowoc Company, Inc. derived about one-half of its 1996
revenues of $500 million from sales and service of ice-cube machines
and commercial refrigeration equipment for foodservice, lodging,
health care, and convenience-store applications.
"SerVend is a great strategic fit for our foodservice business,"
said Fred M. Butler, Manitowoc's president and chief executive officer.
"It serves a segment of that market we had not yet penetrated to any
degree and will allow us to offer our full range of ice-machine and
refrigeration products to new customers worldwide. As a result, I'm
confident this acquisition will add quickly to our growth and
profitability."
George E. Fischer, co-founder and chairman of SerVend, noted
equal enthusiasm. "Our major customers - convenience stores, quick
service restaurants, and soft-drink bottlers - view ice and beverage
equipment as integral parts of a complete system. Allied with
Manitowoc, we will be able to offer our customers system packages that
will be the best in their class," he said.
"The increasing demand for soft drinks outside the United States
portends continued growth for our business in the years ahead. As
part of Manitowoc, this growth should be even more dramatic," added
Gregory E. Fischer, SerVend's co-founder and president.
Terry D. Growcock, president and general manager of Manitowoc
Ice, said, "Greg Fischer and I have discussed the benefits of a
relationship like this a number of times, and I know we share the same
high values and commitments to quality and service. Our similar
values will facilitate movement into certain cross manufacturing
opportunities and will result in even better service to our
customers."
Since the acquisition is a purchase of assets (versus stock), for
tax purposes Manitowoc will be able to deduct any related goodwill
over a 15-year period. As a result of this benefit, the company's tax
rate will be virtually unaffected by the acquisition.
George E. Fischer will be named to the Manitowoc board of
directors upon completion of the acquisition. SerVend will become a
wholly owned Manitowoc company with Greg Fischer continuing in his
present position. Other SerVend managers also will continue in the
business.
The Manitowoc Company, Inc., is a leading manufacturer of ice-
cube machines, ice-cube 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 work for vessels
operating on the Great Lakes.
Company Contact:
Robert R. Friedl
Senior Vice President and
Chief Financial Officer
920-683-8136
