In business news of local interest, Welbilt, Inc. which owns the Manitowoc Ice brand recently announced a proposal to adopt and approve a merger agreement with the Ali Group.
Manitowoc Ice is not part of the merger, however, as the companies have decided that they will proceed with divesting the ‘Ice brand to address concerns raised by the U.S. Department of Justice.
Welbilt said in a news release, “We are confident this step will ensure regulatory approval. ”
The companies involved say they expect to complete the sale of Manitowoc Ice early next year and then close the acquisition of Welbilt by Ali Group shortly thereafter.
99.72% of shares that were voted by stockholders were cast in favor of the pending merger.
