MANITOWOC, WISCONSIN— Enodis plc has recommended shareholders accept a takeover bid by The Manitowoc Company Inc., following completion of an auction process with Illinois Tool Works Inc. Manitowoc’s successful bid was 328 pence per Enodis share, resulting in a transaction valued at approximately US$2.7 billion, including the assumption of Enodis’ net debt of approximately £125 million.

Tampa-based Enodis reported revenues of £800 million for fiscal year 2007. Enodis is one of the world’s leading suppliers of foodservice equipment, with products on both the “cold” and “hot” sides. Manitowoc Foodservice’s focus has been on “cold” equipment, and the acquisition of Enodis will allow Manitowoc to enter two major new market segments, hot foodservice and food retail equipment, as well as expand its cold-side businesses.

“The enhanced global business platform resulting from the combination is expected to generate many benefits,” says Glen Tellock, Manitowoc president and CEO.