Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

WELBILT, INC.

(WBT)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

WELBILT : PROVIDES UPDATE ON ACQUISITION BY ALI GROUP (Form 8-K)

09/30/2021 | 04:42pm EST
WELBILT PROVIDES UPDATE ON ACQUISITION BY ALI GROUP

New Port Richey, FL. - September 30, 2021 - Welbilt, Inc. (NYSE:WBT) announced that the proposal to adopt and approve the Merger Agreement with Ali Holding S.r.l., Ali Group North America Corporation and Ascend Merger Corp. (collectively "Ali Group") was approved today by Welbilt stockholders with 99.72 percent of shares that were voted cast in favor of the pending merger.

In addition, Welbilt and Ali Group have submitted regulatory filings in all required jurisdictions, including the U.S., United Kingdom, and European Union. The companies have received a second request for information from the U.S. Department of Justice which focuses on the companies' ice brands. The companies have decided that they will proceed with divesting Welbilt's Manitowoc Ice brand to address concerns raised by the U.S. Department of Justice. We are confident that this step will ensure regulatory approval. The companies expect to complete the sale of Manitowoc Ice in early 2022 and then close the acquisition of Welbilt by Ali Group shortly thereafter.

About Welbilt, Inc.
Welbilt, Inc. provides the world's top chefs, premier chain operators and growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. Our portfolio of award-winning product brands includes Cleveland™, Convotherm®, Crem®, Delfield®, Frymaster®, Garland®, Kolpak®, Lincoln®, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. These product brands are supported by three service brands: KitchenCare®, our aftermarket parts and service brand, FitKitchen®, our fully-integrated kitchen systems brand, and KitchenConnect®, our cloud-based digital platform brand. Headquartered in the Tampa Bay region of Florida and operating 19 manufacturing facilities throughout the Americas, Europe and Asia, we sell through a global network of over 5,000 distributors, dealers, buying groups and manufacturers' representatives in over 100 countries. We have approximately 4,600 employees and generated sales of $1.2 billion in 2020. For more information, visit www.welbilt.com.

Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act. Such forward-looking statements, including those regarding the timing and consummation of the transactions described herein, involve risks and uncertainties, including, but are not limited to, the following factors: the risk that the conditions to the closing of any transaction are not satisfied, including the risk that required approvals of any transaction from regulators are not obtained; litigation relating to any transaction; and uncertainties as to the timing of the consummation of a transaction and the ability of any party to consummate the transaction. Other factors that might cause such a difference include those discussed in Welbilt's filings with the SEC, which include its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and in the definitive proxy statement filed in connection with the Ali Group transaction. For more information, see the section entitled "Risk


Factors" and the forward-looking statements disclosure contained in Welbilt's Annual Reports on Form 10-K and in other filings. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, Welbilt undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For more information, contact:
Rich Sheffer
Vice President Investor Relations, Risk Management and Treasurer
Welbilt, Inc.
+1 (727) 853-3079
Richard.sheffer@welbilt.com
2

Disclaimer

Welbilt Inc. published this content on 30 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 September 2021 20:41:06 UTC.


ę Publicnow 2021
All news about WELBILT, INC.
11/19INSIDER SELL : Welbilt
MT
11/04Welbilt KitchenConnect and HCL Technologies Join Forces to Offer a Secured Cloud Soluti..
BU
11/02WELBILT, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS ..
AQ
11/02Welbilt Q3 Adjusted Profit, Sales Rise
MT
11/02WELBILT REPORTS 2021 THIRD QUARTER OPERATING RESULTS - Form 8-K
PU
11/02Welbilt, Inc. Reiterates Earnings Guidance for the Year 2021
CI
11/02WELBILT : Q3 Earnings Snapshot
AQ
11/02Welbilt Reports 2021 Third Quarter Operating Results
BU
11/02Earnings Flash (WBT) WELBILT Reports Q3 EPS $0.21
MT
10/26Global supply chain logjams, costs in focus as restaurant chains report earnings
RE
More news
Analyst Recommendations on WELBILT, INC.
More recommendations
Financials (USD)
Sales 2021 1 502 M - -
Net income 2021 81,3 M - -
Net Debt 2021 1 236 M - -
P/E ratio 2021 43,0x
Yield 2021 -
Capitalization 3 368 M 3 368 M -
EV / Sales 2021 3,07x
EV / Sales 2022 2,80x
Nbr of Employees 4 400
Free-Float 99,5%
Chart WELBILT, INC.
Duration : Period :
Welbilt, Inc. Technical Analysis Chart | WBT | US9490901041 | MarketScreener
Technical analysis trends WELBILT, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 7
Last Close Price 23,67 $
Average target price 24,00 $
Spread / Average Target 1,39%
EPS Revisions
Managers and Directors
William C. Johnson President, Chief Executive Officer & Director
Martin D. Agard Chief Financial Officer & Executive Vice President
Cynthia M. Egnotovich Chairman
Dino J. Bianco Independent Director
Joan Kai Chow Independent Director
Sector and Competitors
1st jan.Capi. (M$)
WELBILT, INC.79.32%3 368
ATLAS COPCO AB32.46%70 707
TECHTRONIC INDUSTRIES COMPANY LIMITED55.33%40 434
PARKER-HANNIFIN CORPORATION11.94%39 248
FANUC CORPORATION-9.13%39 095
SANDVIK AB14.65%31 408