Relational said to plan activist campaign against Manitowoc

Manitowoc (MTW) +11.6% AH on news it will be targeted by Relational Investors after the activist shareholder took an 8.5% stake in the industrial company with the aim of dividing it in two, NYT's Dealbook reports.

The firm is expected to argue that MTW, which makes both food-service equipment such as ice-making machines as well as industrial cranes, would be better served by having those operations exist as separate publicly traded companies.

Relational has successfully called for such a division at companies such as Timken, B/E Aerospace and ITT.

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