MANITOWOC, Wis. , Aug. 4 /PRNewswire-FirstCall/ -- The Manitowoc Company, Inc. (NYSE: MTW) today announced that the Court Meeting and General Meeting, required under U.K. law, of Enodis, plc (L: ENO) shareholders resulted in the overwhelming approval of the Scheme of Arrangement under which Manitowoc would purchase Enodis. More than 99 percent of shares represented voted in favor of the proposed purchase.
'We are pleased and excited to have reached another important milestone in
the proposed acquisition of Enodis,' said
Manitowoc continues to expect the transaction to close during the fourth quarter of 2008, following the completion of antitrust reviews by regulatory agencies in the U.S. and other jurisdictions.
Forward-looking Statements
This press release includes 'forward-looking statements' intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the company and are subject to uncertainty and changes in circumstances. Forward- looking statements include, without limitation, statements typically containing words such as 'intends,' 'expects,' 'anticipates,' 'targets,' 'estimates' and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:
- unanticipated changes in revenues, margins, costs, and capital
expenditures;
- issues associated with new product introductions;
- matters impacting the successful and timely implementation of ERP
systems;
- foreign currency fluctuations;
- increased raw material prices;
- unexpected issues associated with the availability of local
suppliers and skilled labor;
- unanticipated changes in consumer spending;
- unanticipated changes in global demand for high-capacity lifting
equipment;
- the risks associated with growth;
- geographic factors and political and economic risks;
- actions of competitors;
- changes in economic or industry conditions generally or in the
markets served by Manitowoc;
- the state of financial and credit markets;
- unanticipated issues associated with refresh/renovation plans by
national restaurant accounts;
- efficiencies and capacity utilization of facilities;
- issues related to new facilities and expansion of existing
facilities;
- work stoppages, labor negotiations, and labor rates;
- award of military and commercial ship and barge construction
contracts;
- government approval and funding of projects;
- the ability of our customers to receive financing;
- the ability to complete and appropriately integrate restructurings,
consolidations, acquisitions, divestitures, strategic alliances, and
joint ventures, and in particular, the successful and timely
completion of the sale of Manitowoc Marine Group;
- in connection with previously announced proposed sale of Manitowoc
Marine Group, the anticipated tax gain, the expected timing and
conditions precedent, unanticipated issues associated with the
satisfaction of conditions precedent and obtaining regulatory
approvals, the terms and conditions of any regulatory approvals,
anticipated earnings impact, and estimated costs to be incurred in
completing the proposed sale;
- in connection with previously announced proposed acquisition of
Enodis plc, the ability to complete and appropriately and timely
integrate the proposed acquisition of Enodis, the expected timing
and conditions precedent, unanticipated issues associated with the
satisfaction of conditions precedent and obtaining regulatory
approvals, the terms and conditions of any regulatory approvals,
anticipated earnings enhancements, estimated cost savings and other
synergies and the anticipated timing to realize those savings and
synergies, estimated costs to be incurred in completing the proposed
acquisition and in achieving synergies, potential divestitures and
other strategic options; and
- risks and other factors cited in the company's filings with the
United States Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the company's actual results of operations is 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, 2007 .
About The Manitowoc Company
The Manitowoc Company, Inc. is one of the world's largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.
SOURCE The Manitowoc Company, Inc.
