The Manitowoc Co., Inc. (MTW) said it signed a definitive purchase agreement to sell the stock of its Marine segment to Fincantieri Marine Group Holdings, Inc., a subsidiary of Fincantieri - Cantieri Navali Italiani SpA.
The transaction is valued at $120 million is an all-cash deal and is anticipated to close at the end of 2008. Assuming a timely completion of this sale by year-end, the transaction is expected to generate a per-share, after-tax gain of approximately $0.60.
Manitowoc said it intends to use the proceeds for general corporate purposes, which include pay down of debt anticipated as a result of the pending acquisition of Enodis.
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