Fill out this form to email this article to a friend

Your name		Your email
Recipient email	You may enter up to 20 multiple email addresses, separated by commas.
Your message
Validation Code	Hear validation code
	Enter validation code

We were unable to send your email.

Click here to try again.

Pasco firm Enodis sold for $2.4-billion

By Dominick Tao, Times Staff Writer
In print: Wednesday, July 2, 2008

Story Tools E-mail this story Contact the editor Print this story Comment on this story Social Bookmarking Digg Facebook Stumbleupon Reddit Del.icio.us Newsvine

ADVERTISEMENT

After years of fending off takeover bids, international food-equipment maker Enodis, whose global headquarters is in New Port Richey, has been bought by crane and beverage dispenser manufacturer Manitowoc Co. of Wisconsin for $2.4-billion.

While only about 50 employees out of the British-founded company's 6,800-strong worldwide work force operate out of the Tampa Bay area, the deal means an uncertain future for Enodis' corporate headquarters in the state.

A failed takeover bid in May by U.S. manufacturer Illinois Tool Works would have kept Enodis as a subsidiary. But a statement issued by Manitowoc indicates that the $4.1-billion company plans to integrate Enodis' operations with its own.

Glen E. Tellock, president and CEO of Manitowoc, said he hopes to capitalize on Enodis' hot food service equipment business, such as its hot-oil cookers used by high-profile clients like McDonald's Corp.

But Richard Mountain, a spokesman for Enodis, said that the deal still needs to be approved by shareholders, and it is too soon to tell the fate of the company's local facilities.

"At this stage, it's not really a question that can be answered," he said.

The acquisition gives Enodis shareholders $6.54 per share — about 10 percent more than the earlier offer by Manitowoc in May.

The final buyout price was agreed upon after an auction between suitors Manitowoc and Illinois Tool Works.

Enodis shares, which are listed on the London Stock Exchange, closed down Tuesday 1.1 percent at 315 pence, or $6.28, per share.

Dominick Tao can be reached at dtao@sptimes.com.