Manitowoc Company- details of Icahn’s investment
Based on the filing, the activist investor and his affiliates now owns 7.81% or 10,582,660 shares of Manitowoc Company, up from 7.7% or 10,532,660 shares reported last month.
Icahn and his affiliates including High River Limited Partnership, Icahn Partners LP and Icahn Partners Master Fund LP purchased additional shares of Manitowoc Company in the open market on December 29, 2014 and January 16, 2015.
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The shares of Manitowoc Company closed at $18.42 per share, up by more than 4% on Monday, January 16.
Icahn intends to spin off the businesses of Manitowoc Company
In its previous filing, Icahn indicated that he invested in Manitowoc Company because he believed that the shares of the company were undervalued.
He also expressed his plan to discuss with the management regarding his proposal to spin off Manitowoc Company’s Crane and Foodservices businesses into two separate companies.
Icahn also wanted to seek a seat in the board of Manitowoc Company if necessary. The activist investor said he have not engaged into discussions with the management of the company as of December 28, 2014. It is uncertain whether Icahn already approached the company regarding his proposal.
Manitowoc Company senior management transition
Early in January, Manitowoc Company announced several senior management transitions as part its long-term succession planning process.
Eric Etchart, the president of Manitowoc Cranes was appointed as senior vice president, business development of Manitowoc Company.
Larry Weyers took over Etychart’s position as president of Manitowoc Cranes. Weyers previously served as global executive vice president for the business unit.
Manitowoc Company also announced the planned retirement of Mark Beffel, vice president, operational excellence on February 2. He will be succeeded by Josef Matosevic, who will also lead the company’s manufacturing, quality and safety initiatives.
“Our deep management bench and longstanding succession planning process provide a solid foundation to ensure a smooth transition and execution of our long-term strategy,” said Glen Tellock, chairman and CEO of Manitowoc Company in a previous statement.