May 18, 2009 (FinancialWire) — The Manitowoc Co., Inc. (NYSE: MTW) has completed an agreement to sell the company’s Enodis ice machine operations to affiliates of certain funds managed by Warburg Pincus LLC for $160 million.

According to Manitowoc, the business has been sold to satisfy regulatory conditions of various jurisdictions, including the U.S. and Europe, related to the company’s October 2008 acquisition of Enodis.

Manitowoc plans to use the after-tax net proceeds of around $150 million to reduce a portion of the debt incurred in November 2008 to fund the Enodis acquisition.

The company said that the proceeds will be applied primarily to reduce the $181.5 million remaining on a term loan that matures in April of 2010. Manitowoc said it plans to retire the remaining portion of the term loan later this year using cash flow from operations.

Manitowoc, Wisconsin-based The Manitowoc Co. is a multi-industry, capital goods manufacturer with over 100 manufacturing and service facilities in 27 countries. The company provides lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks.

Manitowoc is also a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food prep, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications.

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