WASHINGTON (dpa-AFX) - The Manitowoc Company, Inc. (MTW) announced the company is initiating separate full-year 2016 guidance in anticipation of the separation of the Crane and Foodservice businesses.
For the full-year 2016, Manitowoc Foodservice expects: organic revenue to be up 2% - 4% over 2015 net sales - as adjusted, which excludes KPS; and organic operating margin to be between 16% and 17%.
For the full-year 2016, Manitowoc Cranes expects: revenue to be approximately flat; and operating margin to be approximately 4%.
'While we continue to push forward with our spin-off activities, the recent weakness in the credit markets has put pressure on our timeline. However, we continue to target completion of the spin-off of our Foodservice business in the first quarter of 2016,' Kenneth Krueger, Manitowoc's interim CEO, said.
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