Manitowoc maintains form with sales growth

Manitowoc has praised the stability of its food service division after selling $347m (£219m) worth of catering equipment during the fourth quarter, a 2% increase on the previous year.

The company said the rise was driven by balanced growth across all geographies, continued traction with new products and engaged channel partners in all markets.

Operating earnings soared almost 13% to $45m (£28m) as higher sales volumes and the impact of lean initiatives boosted its margin.

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“Our Foodservice business continued its stable and consistent trajectory during the fourth quarter, posting year-over-year sales growth while maintaining healthy margins,” said Manitowoc CEO Glen Tellock.

He added: “During the year, our investments in new product development and innovation yielded more than 50 new products and product variations. The combination of innovative product and service offerings, key account positions, and our global footprint afford us significant opportunities to drive continued growth in the Foodservice segment as we move into 2012.”

Manitowoc also operates a large industrial crane business, which brought in fourth quarter sales of $688m (£435m), taking the total volume of sales to more than $1bn (£631m) for the three-month period.

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