Manitowoc Completes Manitowoc Foodservice Spin-off; Stock Plunges

(RTTNews) - Manitowoc Company Inc. (MTW) announced that it has successfully completed the spin-off of its wholly owned subsidiary, Manitowoc Foodservice, Inc., as an independent public company whose shares are listed on the New York Stock Exchange under the symbol "MFS."

In the pre-Market trade, MTW is currently trading at $3.90, down $13.04 or 76.98%.

The spin-off was achieved through a tax-free distribution to Manitowoc shareholders of one share of Manitowoc Foodservice stock for every share of Manitowoc stock held at the close of business on the record date of February 22, 2016. Beginning today, MFS shares will commence "regular-way" trading on the NYSE.