Manitowoc sees foodservice business strengthen


Manitowoc sold almost £400m (£245m) worth of catering equipment last quarter, its latest financial results reveal.

Fourth quarter sales from its foodservice division reached $399.5m, up 10% from $363m (£222m) the previous year.

The increase was driven by continued growth in the Americas and EMEA regions, as well as sales from new product roll-outs, the company said.

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CEO Glen Tellock commented: “The foodservice segment posted strong year-over-year sales growth and margin improvements, driven by the manufacturing initiatives we implemented, as well as increased demand in North America and the success of our blended beverage equipment roll-out in EMEA.”

He added: “As we enter 2014, the ongoing implementation of our long-term initiatives will generate solid growth across the global Foodservice business. Our focus on the customer, new technologies, and greater innovation around our brands, in addition to our manufacturing initiatives, are driving our performance and will continue to position us for long-term success in the foodservice industry.”

Foodservice operating earnings for the fourth quarter climbed 38% to $69m (£42m), resulting in operating margins of 17.2%.

For the full year, Foodservice segment revenue rose 4% to $1.5 billion (£971m), while operating earnings rose 5% to $250.3m (£153m).

Tags : businesscatering equipmentfinancial resultsManufacturers
Andrew Seymour

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