The Manitowoc Company, Inc., Manitowoc, WI, has increased its offer for commercial foodservice equipment maker Enodis to $2.4 billion, including the assumption of Enodis' net debt of $245 million.
In the first week of May, Illinois Tools Works Inc. made an offer of $2.1 billion plus the assumption of debt.
Enodis reported revenues of $1.6 billion for fiscal year ended Sept. 30, 2007. The company's product line includes food equipment mainly for fast food restaurants, institutions and supermarket/grocery stores. Major products include cooking equipment, ice and beverage dispensing equipment, and stand-alone refrigeration as well as refrigerated display cases.