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A global manufacturer of water management products is expanding its capabilities in the frozen food business by announcing plans to acquire a major ice machine supplier.
Pentair announced in March that it had reached an agreement to buy Wisconsin-based Manitowoc Ice for approximately $1.6 billion, giving Pentair an instant foothold in a new market.
“We expect this strategic acquisition to be a game-changer for our commercial water solutions platform, establishing a total and differentiated water management offering and an extensive network within the foodservice industry. “said Pentair President and CEO John Stauch. in a press release.
The deal is expected to close in the second quarter of 2022. Pentair – headquartered in Minneapolis but incorporated in London – is known for its range of water treatment solutions for pool and spa equipment, l fire suppression, water quality and water supply.
Manitowoc Ice, meanwhile, serves as a manufacturer and distributor of commercial ice machines. Its portfolio includes over 200 ice machine models and the company reports approximately 1 million units installed worldwide. The company, a subsidiary of Wellbilt, has approximately 800 employees across its three manufacturing sites – one in Manitowoc, one in Mexico and one in China. Manitowoc Ice had revenue of $308 million in 2021.
Pentair’s revenue in 2021 totaled approximately $3.8 billion. It has more than 11,000 employees in 150 countries.
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