The Manitowoc Company, Inc. MTW announced that Barry L. Pennypacker will be appointed as the president and chief executive officer (CEO) of Manitowoc Cranes upon the completion of the previously announced spin-off of Manitowoc Foodservice.
In Jan 2015, Manitowoc approved a plan to separate its Cranes and Foodservice businesses into two independent, publicly traded companies as it faces increasing pressure from investors and tough business conditions. The tax-free spin-off of the Foodservice business is expected to be completed by the first quarter of 2016. Post spin-off, Manitowoc will be renamed as Manitowoc Cranes, Inc.
Pennypacker, the former founder, president and CEO of Quantum Lean LLC, will assume his new responsibilities in Manitowoc Cranes immediately. Notably, Pennypacker’s leadership style has transformed several complex businesses through continuous process improvements, which delivered significant operational and financial performance development and increased shareholder value. Manitowoc expects that Pennypacker’s, vast experience will bring a fresh perspective to Manitowoc Cranes.
Pennypacker will currently report to the interim chairman and CEO of Manitowoc, Kenneth W. Krueger. Thereafter, Krueger will serve as Chairman of the Board of Manitowoc Cranes. Larry J. Weyers, the current president of Manitowoc Cranes, will continue serving the company as its executive vice president.
Manitowoc continues to focus on key investments to facilitate product innovation, new product introductions and aftermarket product support initiatives. The separation of the Foodservice business will allow Manitowoc to pursue its growth strategy as market conditions improve. Moreover, the company will benefit from its cost optimization strategies.
Wisconsin-based Manitowoc is one of the world's leading innovators and manufacturers of commercial foodservice equipment. The company is also one of the premier innovators and providers of crawler cranes, tower cranes and mobile cranes for the heavy construction industry.
Manitowoc currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the sector are Astec Industries, Inc. ASTE, CUI Global, Inc. CUI and Lakeland Industries Inc. LAKE. All these stocks carry a Zacks Rank #2 (Buy).
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