Crane maker Manitowoc Co Inc said it would spinoff its high-margin foodservice business into a publicly traded company, sending the company's shares up 8 percent in extended trading. Activist investors Carl Icahn and Ralph Whitworth's Relational Investors had been pushing the company over the past few months to split its cranes and foodservice businesses.The company's cranes business generated revenue of $2.3 billion in the year ended Dec. 31, while the foodservice business earned revenue of $1.6 billion, Manitowoc said.The company expects the spinoff to be completed in the first quarter of 2016.Manitowoc also reported a fourth-quarter profit of 27 cents per share, lower than the analysts' average estimate of 32 cents per share, according to Thomson Reuters I/B/E/S, hurt by higher discounts and a strong dollar.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 1.2% or $-0.47/share to $38.73. In the past year, the shares have traded as low as $33.21 and as high as $41.44. On average, 753442 shares of TRI exchange hands on a given day and today's volume is recorded at 835366.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.53% or $-0.26/share to $48.84. In the past year, the shares have traded as low as $36.86 and as high as $49.89. On average, 717177 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 777680.
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