Manitowoc Ice sold by Welbilt
Welbilt announced in March 2022 that it has entered into a definitive agreement to sell Manitowoc Ice business to Pentair plc. The deal values Manitowoc Ice, which produces commercial ice machines, at $1.6 billion. The transaction is all cash and is pending regulatory approval, including of its pending sale to Ali Group. The company expected to sale of Manitowoc Ice to close in the first half of 2022, subject to closing conditions
M&A|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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