Welbilt, Inc. today announced that it has entered into a definitive agreement to sell its Manitowoc Ice business (“Manitowoc Ice”) to Pentair plc for approximately $1.6 billion in cash, on a cash free and debt free basis, subject to customary post-closing adjustments. Manitowoc Ice designs, manufactures and markets a full line of ice machines and related equipment and generated sales of approximately $308 million in 2021.
Commenting on the transaction, Bill Johnson, Welbilt’s President and CEO, said, “We believe that this transaction is a good outcome for both Welbilt and Manitowoc Ice. We are confident that the successful closing of this transaction will pave the way for Welbilt to complete its sale to Ali Group, while Manitowoc Ice will benefit from Pentair’s focus on water solutions and its diversified customer base and product lines.”
Welbilt expects to receive regulatory approval for the sale of Welbilt to Ali Group from the U.S., United Kingdom, and European Union prior to closing the sale of Manitowoc Ice to Pentair. Welbilt expects to complete the sale of Manitowoc Ice in the first half of 2022, subject to customary closing conditions, concurrently with the closing of the acquisition of Welbilt by Ali Group.
