United States
United States

Time filter

Source Type

JAKARTA, May 25, 2017 /PRNewswire/ -- Spanish's leading hotel company, Melia Hotels International announces its financial achievements in the first quarter of 2017. The company generated EURO20.4 million in the first quarter in 2017, with total revenue of EURO420.3 million, increasing by 5% and EBITDA improved by 3%. This positive results also include strong performance according to the key performance indicator, Revenue Per Available Room (RevPAR), which increased by a healthy 8.3%. Gabriel Escarrer Jaume, Vice President and Chief Executive Officer of Melia Hotels International stated that the company has achieved a significant increase seen by the RevPAR score in this year's first quarter, especially supported by the opening of new properties in several tourism destinations, such as Indonesia. "This will be the 27th consecutive quarter of growth. Melia Hotels International will continue to strengthen its products through extensive investments in the renovation and repositioning of hotels, and has added 15 new hotels in the year to date." The Company announced an increase in shareholders' dividends, raising the pay-out to 30% in 2016, vs. 25% in 2015. A strong improvement is being generated from the opening of new hotels around the world, especially in the Asia Pacific region. "Two new hotels have been opened this year in China, in the cities of Shanghai and Zhengzhou, and we will open three more in Indonesia," adds Gabriel. " We also just signed 8 new hotels in Cuba, another area of special focus." The results for the first quarter are influenced by the "Easter effect", which, as Easter falls in April this year, will have a positive impact in the second quarter. In spite of this, the revenues of owned and leased hotels plus the fees paid by managed hotels increased by EURO28.5 million compared to the same period in 2016. The company continues to achieve strong results from its digitalization strategy, where its most important direct sales channel, melia.com, increased sales in the quarter by 8.1%. Including April, the sales increase rose to 20% due to the "Easter Effect". As much as 5 of the newest properties in the Asia Pacific region which are Melia Yangon, Melia Shanghai Hongqiao, Melia Makassar, Sol Beach House Phu Quoc and Sol House Bali Legian are expected to continue to increase their market penetration at the highest possible speed. Robust performance is seen in China thanks to the solidity of the business and the quality of the products that Melia operates in the country, and also in Vietnam, due to the persistent growth of Vietnam as a tourist destination. Indonesia has also become one of the developing markets, especially in the resort sector where Melia Hotels International owns 3 resort properties: Melia Bali, Sol Beach House Benoa and the newest addition to the line, Sol House Bali Legian, opening in the first quarter of 2017. Founded in 1956 in Palma de Mallorca (Spain), Melia Hotels International is one of the largest hotel companies worldwide as well as the absolute leader within the Spanish market, with more than 370 hotels (current portfolio and pipeline) throughout more than 41 countries and 4 continents under the brands: Gran Melia Hotels & Resorts, Paradisus Resorts, ME by Melia, Melia Hotels & Resorts, Innside by Melia, Sol Hotels & Resorts and TRYP by Wyndham. The strategic focus on international growth has allowed Melia Hotels International to be the first Spanish hotel company with presence in key markets such as China, the Arabian Gulf or the US, as well as maintaining its leadership in traditional markets such as Europe, Latin America or the Caribbean. Its high degree of globalization, a diversified business model, the consistent growth plan supported by strategic alliances with major investors and its commitment to responsible tourism are the major strengths of Melia Hotels International, being the Spanish Hotel leader in Corporate Reputation (Merco Ranking) and one of the most attractive to work worldwide. Melia Hotels International is included in the IBEX 35 Spanish stock market index. Follow Melia Hotels International on Twitter @MeliaHotelsInt and Facebook meliahotelsinternational.  www.melia.com. For more information or further press inquiries, please contact:


General Parts Group Extends Its Service Relationship with Welbilt® Into Pensacola Florida Pensacola, FL, April 16, 2017 --( The General Parts Group will be supporting Welbilt brands with both authorized repair services as well as providing customers with genuine O.E.M. Welbilt parts from its extensive inventory. The brands that will be supported include Merrychef, Lincoln, Frymaster, Garland, Cleveland, Convotherm, Merco, Delfield, Kolpak, and Multiplex. Installation, start-up and repair services will be offered throughout the equipment warranty period and beyond. Lifecycle Maintenance programs will also be offered to extend equipment life and maximize return on investment. In addition, General Parts Group is a Star Elite KitchenCare® partner and can support Welbilt® customers through this after sales equipment support program. About General Parts Group General Parts Group is a provider of commercial kitchen equipment repair services. Founded in 1939, the company has grown to be distributer of O.E.M. parts and provides service for over 60,000 customers and 400 manufacturers of commercial foodservice equipment. Corporate headquarters are located in Minneapolis, Minnesota and with major branch operations strategically located in Arizona(2), Colorado, Florida, Idaho(2), Illinois, Indiana(2), Iowa, Kansas, Kentucky, Missouri(2), Nebraska, North Dakota, Oklahoma(2), Oregon(2), Tennessee, Texas and Wisconsin(2), we are ideally positioned to provide Quality Service for over one third of the United States. We are viewed as the market leader in most of the markets we serve and in terms of overall sales, General Parts Group ranks in the top five of independent service companies nationally. About Welbilt® Welbilt® (formally Manitowoc Foodservice) is a global leader in professional foodservice equipment and systems. Welbilt manufactures a wide range of equipment including cooking, refrigeration and ice making equipment. Pensacola, FL, April 16, 2017 --( PR.com )-- General Parts Group is delighted to announce that it has been appointed the Authorized Service Agency and parts distributer for Welbilt® in Pensacola, Florida.The General Parts Group will be supporting Welbilt brands with both authorized repair services as well as providing customers with genuine O.E.M. Welbilt parts from its extensive inventory. The brands that will be supported include Merrychef, Lincoln, Frymaster, Garland, Cleveland, Convotherm, Merco, Delfield, Kolpak, and Multiplex.Installation, start-up and repair services will be offered throughout the equipment warranty period and beyond. Lifecycle Maintenance programs will also be offered to extend equipment life and maximize return on investment. In addition, General Parts Group is a Star Elite KitchenCare® partner and can support Welbilt® customers through this after sales equipment support program.About General Parts GroupGeneral Parts Group is a provider of commercial kitchen equipment repair services. Founded in 1939, the company has grown to be distributer of O.E.M. parts and provides service for over 60,000 customers and 400 manufacturers of commercial foodservice equipment. Corporate headquarters are located in Minneapolis, Minnesota and with major branch operations strategically located in Arizona(2), Colorado, Florida, Idaho(2), Illinois, Indiana(2), Iowa, Kansas, Kentucky, Missouri(2), Nebraska, North Dakota, Oklahoma(2), Oregon(2), Tennessee, Texas and Wisconsin(2), we are ideally positioned to provide Quality Service for over one third of the United States. We are viewed as the market leader in most of the markets we serve and in terms of overall sales, General Parts Group ranks in the top five of independent service companies nationally.About Welbilt®Welbilt® (formally Manitowoc Foodservice) is a global leader in professional foodservice equipment and systems. Welbilt manufactures a wide range of equipment including cooking, refrigeration and ice making equipment. Click here to view the list of recent Press Releases from General Parts Group


News Article | May 8, 2017
Site: www.businesswire.com

NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--Welbilt, Inc. (NYSE: WBT) today announced financial results for its 2017 first quarter. Net sales in the first quarter were $328.0 million, a 0.8 percent increase (+2.7 percent organic, -0.4 percent divestitures, -1.5 percent foreign currency translation). Net earnings in the first quarter were $5.0 million and diluted earnings per share were $0.04 compared to $18.1 million and $0.13 per share in the first quarter of 2016. Adjusted net earnings were $10.6 million and adjusted diluted earnings per share were $0.08 in the first quarter versus $20.9 million and $0.15 per share, respectively, in the first quarter of 2016. The first quarter of 2016 included only one month of interest expense following the company's spin-off from The Manitowoc Company, Inc. on March 4, 2016. The effective tax rate in the first quarter was 29.6 percent compared to 20.3 percent in last year's first quarter. Earnings from operations were $35.0 million in the first quarter compared to $33.7 million in last year’s first quarter, an increase of 3.9 percent. As a percentage of net sales, earnings from operations were 10.7 percent in the quarter versus 10.4 percent in last year’s first quarter. Adjusted operating EBITDA was $52.7 million in the first quarter versus $50.1 million in last year’s first quarter, a 5.2 percent increase. As a percentage of net sales, first quarter adjusted operating EBITDA margin was 16.1 percent versus 15.4 percent last year, a 70 basis point improvement. “Our organic sales and adjusted operating EBITDA growth, particularly in APAC and EMEA, get us off to a good start for 2017,” said Hubertus Muehlhaeuser, Welbilt’s President and CEO. “This was the 7th consecutive quarter of year-over-year adjusted operating EBITDA margin improvement since the new management team took over in August 2015. We continued to make progress with our Simplification and Right-Sizing initiatives this quarter. Within Simplification, we pruned an additional 1 percent of our equipment SKUs during the quarter, bringing our total equipment SKU reduction to 17 percent since we adopted the 80/20 methodology. We did experience materials price inflation during the quarter, especially for certain components that go into stainless steel, however these were offset by positive pricing in the quarter.” “As we indicated in our 2016 fourth quarter earnings call, our debt levels increased in the first quarter due to the combination of it being our seasonal slowest sales quarter of the year as well as payments of our annual customer volume rebates, our annual cash bonuses and a semiannual interest payment on our Senior Notes. We expect to resume de-levering our balance sheet in the second quarter.” “We are reaffirming our 2017 annual guidance today. We continue to expect end market conditions to remain good in the general market and to slowly improve in the large Quick Service Restaurants ("QSR") and fast-casual markets. We expect our Simplification and Right-Sizing initiatives and additional price increases to fully offset higher compensation expense and material price inflation and for the full year we will deliver between 70 and 220 basis points of improvement to adjusted operating EBITDA margin," concluded Muehlhaeuser. Net sales in our Americas segment were $267.5 million, a 1.5 percent increase. Third party net sales were $237.7 million, a 0.2 percent increase (+0.3 percent organic, -0.3 percent divestitures, +0.2 percent foreign currency translation). The organic third party net sales increase was primarily driven by improved KitchenCare® sales and increased sales of cold-side products, which were partially offset by lower hot-side product sales and lost sales from 80/20 product line simplification. First quarter adjusted operating EBITDA in the Americas segment was $46.8 million compared to $49.8 million in the first quarter of 2016. As a percentage of net sales, adjusted operating EBITDA margin was 17.5 percent in the first quarter versus 18.9 percent in the same period last year. The adjusted operating EBITDA margin decrease was primarily driven by product mix, materials cost inflation, higher compensation expense, and higher SG&A for R&D and marketing expenses. These were partially offset by savings from our Simplification and Right-Sizing initiatives and improved pricing. Net sales in our EMEA segment were $67.8 million, a 1.2 percent decrease. Third party net sales were $53.9 million, a 2.4 percent decrease (+6.7 percent organic, -9.1 percent foreign currency translation). The organic third party net sales increase was driven primarily by higher sales of hot-side products including our new Merrychef® eikon® e2s high-speed ovens and stronger cold-side product sales including our beverage systems, partially offset by the impact of lost sales from 80/20 product line simplification. First quarter adjusted operating EBITDA in the EMEA segment was $12.8 million compared to $7.6 million in the first quarter of 2016. As a percentage of net sales, adjusted operating EBITDA margin was 18.9 percent in the first quarter versus 11.1 percent in the same period last year. The adjusted operating EBITDA margin increase was primarily driven by higher leverage from increased volumes, better product mix from our new product introductions, improved pricing, increased efficiencies and savings from our Simplification and Right-Sizing initiatives. Net sales in our APAC segment were $41.7 million, a 7.2 percent increase. Third party net sales were $36.4 million, a 10.3 percent increase (+14.2 percent organic, -2.4 percent divestitures, -1.5 percent foreign currency translation). The increase was driven primarily from higher sales of hot-side products and KitchenCare parts. First quarter adjusted operating EBITDA in the APAC segment was $5.5 million compared to $3.7 million in the first quarter of 2016. As a percentage of net sales, adjusted operating EBITDA margin was 13.2 percent for the first quarter of 2017 versus 9.5 percent for the same period in the prior year. The adjusted operating EBITDA margin increase was primarily driven by higher leverage from increased volumes and savings from our Simplification and Right-Sizing initiatives, and from operating efficiency improvements. Free cash flow was a $55.5 million use of cash in the quarter as the company paid out annual volume rebates to customers, made a semi-annual interest payment on its Senior Notes, and paid out annual cash bonuses. Net other assets and other current and long-term liabilities, inventory and accounts receivable were all uses of cash in the first quarter of $52.5 million, $23.9 million and $6.0 million, respectively. Accounts payable was a source of cash in the first quarter of $8.6 million. During the quarter, total debt increased by $80.5 million primarily from an increase on our revolving credit facility of $76.5 million. Our ending cash balance was $82.6 million, an increase of $28.8 million during the quarter. The majority of our cash is held by our international subsidiaries. We are reaffirming our full-year 2017 guidance ranges. We continue to expect end market conditions to remain good in the general market and to slowly improve in the large QSR and fast-casual markets. We also expect to begin benefiting from 2016's and 2017's new product introductions. We will again focus on margin improvement through the continued execution of our Simplification and Right-Sizing initiatives. We expect interest expense to be near the low end of our guidance range following the successful repricing of the $825 million Term Loan B. 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. We offer fully-integrated kitchen systems and our products are backed by KitchenCare® aftermarket parts and service. Headquartered in the Tampa Bay area, Florida, and operating 17 manufacturing facilities throughout the Americas, Europe and Asia, the company sells through a global network of over 3,000 distributors and dealers in over 100 countries. The company has approximately 5,500 employees and generated sales of $1.46 billion in 2016. Its portfolio of award-winning brands includes Cleveland™, Convotherm®, Delfield®, fitkitchenSM, Frymaster®, Garland®, Kolpak®, Lincoln™, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. For more information, visit www.welbilt.com. This release includes “forward-looking statements” intended to qualify for the safe harbor from liability under the United States Private Securities Litigation Reform Act of 1995 (the “Act”). Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Act. These statements are based on the current expectations of the management of the company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as "intends," "expects," "anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Such risks and uncertainties include, without limitation, world economic factors and the ongoing economic uncertainty; realization of anticipated earnings enhancements, cost savings, strategic options and other synergies and the anticipated timing to realize those enhancements, savings, synergies, and options; availability of raw materials and changes in raw material prices, commodity prices and hedges in place; the ability to generate cash and manage working capital consistent with our stated goals; changes in the interest rate environment and currency fluctuations; the successful development and market acceptance of innovative new products; actions by competitors including competitive pricing; consumer and customer demand for products; and laws and regulations, including changes in laws and regulations and their enforcement around the world. Additional factors that could cause actual results to differ materially from those reflected in forward-looking statements include, but are not limited to, the risks and uncertainties described in the section titled “Risk Factors” in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company's website at www.welbilt.com and on the SEC website at www.sec.gov. Welbilt undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. In this release, the Company refers to various non-GAAP measures. We believe that these measures are helpful to investors in assessing the Company's ongoing performance of its underlying businesses before the impact of special items. In addition, these non-GAAP measures provide a comparison to commonly used financial metrics within the professional investing community which do not include special items. In addition to analyzing its results on a U.S. GAAP basis, management also reviews its results on an "Adjusted Operating EBITDA" basis. Adjusted Operating EBITDA is defined as earnings before interest, taxes, other (income) expense, depreciation and amortization plus certain items such as asset impairment, restructuring, separation charges and loss on early extinguishment of debt. Management uses Adjusted Operating EBITDA as the basis on which it evaluates its financial performance and makes resource allocation and other operating decisions. Management considers it important that investors review the same operating information that it uses. Adjusted Operating EBITDA reconciles to net earnings presented in accordance with U.S. GAAP as follows: In this release, the Company refers to adjusted net earnings. We believe this measure is helpful to investors in assessing the company's ongoing performance of its underlying businesses before the impact of certain items such as asset impairment, restructuring, separation charges and loss on early extinguishment of debt. Adjusted net earnings before certain items reconciles to net earnings presented in accordance with U.S. GAAP as follows: THIRD PARTY NET SALES AND ORGANIC THIRD PARTY NET SALES In this release, the Company refers to third party net sales and organic third party net sales. We believe this measure is helpful to investors in assessing the company's ongoing performance of its underlying businesses before the impact of acquisitions and divestitures and also before the impact of foreign currency translation. Third party net sales and organic third party net sales reconcile to net sales presented in accordance with U.S. GAAP as follows:


O programa MeliáRewards oferece um universo de benefícios exclusivos e vantagens de acordo com o nível do cliente, tais como descontos em hospedagem, upgrades de apartamento, café da manhã 2x1, late check-outs e acesso a mais de 700 salas VIP de aeroportos por todo o mundo com o Priority Pass. Os clientes do programa ainda têm check-in on-line exclusivo e acesso prioritário em todos os hotéis da rede. Caso ainda não faça parte do programa, aproveite para registrar-se. Acesse o site: www.meliarewards.com, realize seu cadastro gratuitamente e ganhe 2.000 pontos de boas-vindas. Fundada em 1956 em Palma de Mallorca (Espanha), a Meliá Hotels International é uma das maiores empresas hoteleiras do mundo e líder absoluta na Espanha. Atualmente, conta com mais de 370 hotéis, abertos e em processo de abertura, em mais de 40 países pelas marcas Gran Meliá, Meliá Hotels & Resorts, Paradisus Resorts, ME by Meliá, Innside by Meliá, TRYP by Wyndham e Sol Hotels. O foco estratégico na expansão internacional transformou a rede na primeira empresa hoteleira espanhola que opera na China, nos Estados Unidos e nos Emirados Árabes, mantendo sua liderança em mercados tradicionais como Europa, América Latina e Caribe. Além disso, destaca-se seu modelo de negócios diversificado (uma das principais hoteleiras gestoras do mundo), seu crescimento apoiado em grandes alianças estratégicas e suas apostas no turismo responsável. Como resultado, a Meliá Hotels International é a companhia espanhola com melhor reputação corporativa (Ranking Merco) e uma das mais atraentes para trabalhar em nível mundial. No Brasil há 25 anos, a Meliá Hotels International é pioneira em seu segmento e é considerada uma das 3 Melhores Redes Hoteleiras do País por sua trajetória de grande sucesso. Atuando principalmente no segmento de hotéis "business", a rede – que já administra diversos empreendimentos localizados nas cidades de São Paulo, Campinas, Brasília, Recife e Rio de Janeiro, sob as marcas Meliá Hotels & Resorts, TRYP by Wyndham e a Gran Meliá Hotels & Resorts (sua marca de luxo mais universal e emblemática). Os hotéis administrados pela rede no Brasil foram selecionados pelo guia Michelin em 2015 e 2016, e receberam o Certificado de Excelência 2016 do TripAdvisor.


Global PTFE Tapes Industry is a Professional and in-depth market research on the current state of the Global and China PTFE Tapes industry. The Global PTFE Tapes market analysis is provided for the international markets, including development trends, competitive landscape analysis, and key regions development status. Complete report on ‘2016 Market Research Report on Global PTFE Tapes Industry’ spread across 115 pages, profiling 18 companies and figures is now available @ http://www.deepresearchreports.com/contacts/inquiry.php?name=278646 . Firstly, the report provides a basic overview of the industry, including definitions, classifications, applications and industry chain structure. The PTFE Tapes market analysis is provided for the international market, including development history, competitive landscape analysis, and major regions’ development status. #Analysis of 2016 Major Industries: – TESA, Chemours, 3M, Seal Tape, Oatey SSP Corporation, Electro Tape Specialties, Inc., J.C. Whitlam Manufacturing Co., Selco TECHNETICS GROUP., RectorSeal, CS Hyde Company, LDR Industries Inc, LASCO Fittings Merco Hackensack, Inc, NITTODENKO, Lohmann, YOU RI JIU overview. Secondly, development policies and plans are discussed as well as manufacturing processes and cost structures. This report also states import/export, supply and consumption figures as well as cost, price, revenue and gross margin by regions (United States, EU, China and Japan), and other regions can be added. Then, The Global PTFE Tapes Industry focuses on global major leading industry players with information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. Upstream raw materials, equipment and downstream consumer analysis is also carried out. What’s more, the PTFE Tapes industry development trends and marketing channels are analyzed. Finally, the feasibility of new investment projects is assessed, and overall research conclusions are offered.  In a word, the report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market. A dedicated chapter the development trend of PTFE Tapes market for 2016,2021 in this report covers data and information on capacity and production overview, production, market share analysis, sales overview, supply, sales, and shortage, import, export and consumption as well as cost, price, revenue and gross margin of PTFE Tapes. Get More information at http://www.deepresearchreports.com/contacts/inquire-before-buy.php?name=278646 . 4 Production Analysis of PTFE Tapes by Regions, Technology, and Applications 5 Sales and Revenue Analysis of PTFE Tapes by Regions Connect us @ [email protected]  with subject line “2016 Market Research Report on Global PTFE Tapes Industry “ and your contact details to purchase this report or get your questions answered. OR Call Us @ +1 888 391 5441. Deep Research Reports are digital database of syndicated market reports for global and China industries. These reports offer competitive intelligence data for companies in varied market segments and for decision makers at multiple levels in these organizations. We provide 24/7 online and offline support to our customers


News Article | February 15, 2017
Site: www.businesswire.com

NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--Manitowoc Foodservice, Inc. (NYSE:MFS), today announced financial results for its 2016 fourth quarter. Net sales in the fourth quarter were $378.7 million compared to $391.7 million in last year’s fourth quarter, a 3.3 percent decrease. Organic net sales in constant currency increased 5.1 percent versus last year's fourth quarter, with organic net sales increasing by 2.6 percent and excluding a 2.5 percent negative impact from foreign currency translation. For the year, net sales were $1,456.6 million compared to $1,570.1 million in 2015, a 7.2 percent decrease. Organic net sales in constant currency increased 1.9 percent compared to last year, with organic net sales increasing 0.1 percent and excluding a 1.8 percent negative impact from foreign currency translation. Net earnings in the fourth quarter were $21.4 million and diluted earnings per share were $0.15 compared to $65.1 million and $0.48 per share on a carve-out basis in the fourth quarter of 2015. Adjusted net earnings were $22.8 million and adjusted diluted earnings per share were $0.16 in the fourth quarter versus $75.2 million and $0.55 per share, respectively, on a carve-out basis in the fourth quarter of 2015. For the year, net earnings were $79.5 million and diluted earnings per share were $0.57, compared to $157.1 million and $1.15 per share on a carve-out basis for the same period in 2015. Adjusted net earnings were $87.1 million and adjusted diluted earnings per share were $0.62 year-to-date versus $168.9 million and $1.23 per share, respectively, on a carve-out basis for the same period in 2015. Earnings from operations were $55.1 million in the fourth quarter compared to $40.8 million in last year’s fourth quarter. As a percentage of net sales, earnings from operations were 14.5 percent in the quarter versus 10.4 percent in last year’s fourth quarter. Adjusted operating EBITA was $65.5 million in the fourth quarter versus $64.6 million in last year’s fourth quarter, a 1.4 percent increase. As a percentage of net sales, our fourth quarter adjusted operating EBITA margin was 17.3 percent versus 16.5 percent last year, an 80 basis point improvement. The main drivers of the margin improvement in the fourth quarter were savings from our Simplification and Right-Sizing initiatives, improved pricing and discounting discipline, and better fixed cost absorption, partially offset by higher compensation expense than in last year's fourth quarter. 2016 earnings from operations were $199.2 million compared to $159.9 million last year. As a percentage of net sales, 2016 earnings from operations were 13.7 percent versus 10.2 percent last year. 2016 adjusted operating EBITA was $242.7 million versus $210.1 million in 2015, a 15.5 percent increase. As a percentage of net sales, 2016 adjusted operating EBITA margin was 16.7 percent versus 13.4 percent last year, a 330 basis point improvement. “I am proud of the operating improvements our 5,500 employees delivered in 2016 as their outstanding execution of our Simplification and Right-Sizing initiatives delivered a 330 basis point improvement in adjusted operating EBITA,” said Hubertus Muehlhaeuser, Manitowoc Foodservice’s President and CEO. “Within Simplification, we pruned an additional 7 percent of our equipment SKUs during the quarter, bringing our total equipment SKU reduction to 16 percent since we adopted the 80/20 methodology. We also made good progress this quarter on the second round of Right-Sizing that we announced last August and we have now completed the planned closure of our Sellersburg, Indiana plant in the first quarter of 2017. We also continued the journey of de-levering our balance sheet this quarter with a $66.8 million net debt reduction in the quarter, bringing our 2016 debt reduction total to $131.8 million.” “Fourth quarter organic net sales in constant currency was very strong and benefited from strong Merrychef® eikon® e2s high-speed oven and beverage system sales in EMEA, better KitchenCare® sales in the Americas, and improvement in Fabristeel™ sales in APAC. As we enter 2017, we anticipate that the softer QSR and fast-casual end market conditions that we experienced in 2016 will continue into 2017. We remain well-positioned to benefit from our new product introductions that began shipping in the fourth quarter, although we remain subject to the timing and magnitude of orders for these products from our large QSR and fast-casual customers.” “I reiterate our key message: our prime strategic objective is the achievement of profitable growth. The initial priority on this multi-year journey is to increase our margins to industry-competitive levels by focusing on improving our operations and decreasing product cost. We made great progress in 2016; however, we are still early in the journey and it is critical to our long-term success to remain very disciplined in the ongoing execution of our Simplification and Right-Sizing initiatives to improve our cost structure. At the same time, we are positioning ourselves to capture profitable sales opportunities with our focus on product innovations and selling system solutions that take advantage of our full product portfolio. Another step in that positioning was announced last week with the rebranding of our company to Welbilt, Inc. and a move away from our legacy parent name," concluded Muehlhaeuser. Net sales in our Americas segment decreased 5.9 percent in the quarter to $304.9 million from $323.9 million in last year’s fourth quarter. Organic third party net sales in constant currency increased $1.5 million, or 0.6 percent, in the quarter compared to last year’s fourth quarter. This increase was primarily driven by improved KitchenCare sales, partially offset by lower hot-side product volumes and excludes a negative $1.3 million impact from foreign currency translation. For the year, net sales were $1,186.6 million versus $1,323.7 million last year. Organic third party net sales in constant currency decreased $3.9 million in 2016 compared to last year. Fourth quarter operating EBITA in the Americas segment was $52.9 million compared to $48.6 million in the fourth quarter of 2015. As a percentage of net sales, our operating EBITA margin was 17.3 percent in the fourth quarter versus 15.0 percent in the same period last year. The operating EBITA margin increase was primarily driven by savings from our Simplification and Right-Sizing initiatives, operating efficiency improvements, improved pricing and the sale of KPS in 2015. For the year, Americas segment operating EBITA was $219.1 million versus $189.9 million last year. As a percentage of net sales, full year operating EBITA was 18.5 percent versus 14.3 percent last year. Net sales in our EMEA segment were $74.8 million, a 12.1 percent increase from $66.7 million in the fourth quarter of 2015. Third party net sales in constant currency increased $14.6 million, or 26.5 percent, in the quarter compared to last year’s fourth quarter. The increase was driven primarily by higher sales of hot-side products including our new Merrychef eikon e2s high-speed ovens and stronger cold-side product sales including our beverage systems, and excludes a negative $6.6 million impact from foreign currency translation. For the year, net sales in our EMEA segment were $287.6 million versus $281.6 million last year. Third party net sales in constant currency increased $30.7 million, or 14.0 percent, in 2016 compared to last year. Fourth quarter operating EBITA in the EMEA segment was $14.7 million compared to $7.6 million in the fourth quarter of 2015. As a percentage of net sales, our operating EBITA margin was 19.7 percent in the fourth quarter versus 11.4 percent in the same period last year. The operating EBITA margin increase was primarily driven by savings from our Simplification and Right-Sizing initiatives and better product mix from our new product introductions, partially offset by the impact of foreign currency translation. For the year, the EMEA segment operating EBITA was $41.3 million versus $23.1 million last year. As a percentage of net sales, 2016 operating EBITA was 14.4 percent versus 8.2 percent last year. Net sales in our APAC segment were $56.4 million, a 1.4 percent increase from $55.6 million from last year’s fourth quarter. Organic third party net sales in constant currency increased $2.6 million, or 5.4 percent, in the quarter compared to last year’s fourth quarter. The increase was driven primarily from higher sales of hot-side and Fabristeel products, partially offset by lower cold-side product sales and excludes a negative $1.1 million impact from foreign currency translation. For the year, net sales in our APAC segment were $190.9 million versus $191.1 million in the same period last year. 2016 organic third party net sales in constant currency increased $1.3 million, or 0.8 percent, compared to last year. Fourth quarter operating EBITA in the APAC segment was $6.2 million compared to $4.6 million in the fourth quarter of 2015, with the increase being driven primarily by savings from our Simplification and Right-Sizing initiatives, and from operating efficiency improvements. As a percentage of net sales, our operating EBITA margin was 11.0 percent for the fourth quarter of 2016 versus 8.3 percent for the same period in the prior year. For the year, the APAC segment operating EBITA was $21.8 million versus $22.5 million last year. As a percentage of net sales, 2016 operating EBITA was 11.4 percent versus 11.8 percent last year. Free cash flow was $65.0 million in the quarter. Net other assets and other current and long-term liabilities, accounts receivable, inventory, and accounts payable were all sources of cash in the fourth quarter of $11.6 million, $9.3 million, $7.9 million and $4.6 million, respectively. During the quarter, total debt decreased by $66.8 million primarily from the repayment of $80.0 million principal on Term Loan B, while the outstanding balance on our revolving credit facility increased by $13.5 million. For the year, total debt decreased by $131.8 million. We are initiating our full-year 2017 guidance ranges. We are anticipating that conditions in the large QSR and fast casual accounts will remain soft, while we expect better conditions in the general market and to begin benefiting from 2016's new product introductions. We will again focus on margin improvement through the continued execution of our Simplification and Right-Sizing initiatives. We are changing our margin metric from adjusted operating EBITA to adjusted operating EBITDA in 2017 to be better aligned with the commercial foodservice equipment industry. We are firmly committed to our long-term strategic margin improvement target. Manitowoc Foodservice, Inc. provides the world's top chefs and premier chain operators or growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. We offer fully-integrated kitchen systems and our products are backed by KitchenCare® - our aftermarket, repair, and parts service. Headquartered in the Tampa Bay area, Florida, and operating 17 manufacturing facilities throughout the Americas, Europe and Asia, the company sells through a global network of over 3,000 distributors and dealers in over 100 countries. The company has approximately 5,500 employees and generated sales of $1.46 billion in 2016. Its portfolio of award-winning brands includes Cleveland™, Convotherm®, Delfield®, fitKitchenSM, Frymaster®, Garland®, Kolpak®, Lincoln™, Manitowoc® Ice, Merco®, Merrychef®, and Multiplex®. For more information, visit www.welbilt.com. This announcement includes "forward-looking statements" intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995 (the “Act”). Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Act. These statements are based on the current expectations of the management of the company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as "intends," "expects," "anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors (including the "Risk Factors" described under Item 1A in our Annual Report on Form 10-K and in reports more recently filed with the Securities and Exchange Commission) that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Additional factors that could cause actual results and developments to differ materially include, among others: Manitowoc Foodservice undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2016. (1) On March 4, 2016, MTW distributed 137.0 million shares of MFS common stock to MTW shareholders, thereby completing the Spin-Off. Basic and diluted earnings per common share and the average number of common shares outstanding were retrospectively restated for the number of MFS shares outstanding immediately following this transaction. The same number of shares was used to calculate basic and diluted earnings per share, for the prior periods presented, since no equity awards were outstanding prior to the Spin-Off. In this release, the Company refers to various non-GAAP measures. We believe that these measures are helpful to investors in assessing the Company's ongoing performance of its underlying businesses before the impact of special items. In addition, these non-GAAP measures provide a comparison to commonly used financial metrics within the professional investing community which do not include special items. In addition to analyzing its results on a U.S. GAAP basis, management also reviews its results on an "Operating EBITA" basis. Operating EBITA is defined as earnings before interest, taxes, other (income) expense and amortization. Management uses Operating EBITA as the basis on which it evaluates its financial performance and makes resource allocation and other operating decisions. Management considers it important that investors review the same operating information that it uses. In addition, the table below also presents Adjusted operating EBITA which is defined as earnings before interest, taxes, other (income) expense and amortization plus certain items such as asset impairment, restructuring and separation charges. Adjusted operating EBITA reconciles to net earnings presented in accordance with U.S. GAAP as follows: In this release, the Company refers to Adjusted net earnings. We believe this measure is helpful to investors in assessing the company's ongoing performance of its underlying businesses before the impact of certain items such as asset impairment, restructuring and separation charges. Adjusted net earnings before certain items reconciles to net earnings presented in accordance with U.S. GAAP as follows: THIRD PARTY NET SALES AND ORGANIC THIRD PARTY NET SALES IN CONSTANT CURRENCY In this release, the Company refers to third party net sales and organic third party net sales in constant currency. We believe this measure is helpful to investors in assessing the company's ongoing performance of its underlying businesses before the impact of acquisitions and divestitures and also before the impact of foreign currency translation. Third party net sales and organic third party net sales in constant currency reconcile to net sales presented in accordance with U.S. GAAP as follows:


McAlinden P.,Merco | McAlinden J.,Merco | Frost D.,Merco | McAlinden G.,Jerry Gerard
World Tunneling | Year: 2014

The US Environmental Protection Agency, Occupational Health and Safety Administration (OHSA), New York State Department of Environmental Conservation, New York State Department of Labor, and New York State Department of Health oversaw the project. The Tunnel Drain Collection System consists of an access shaft 24ft (7.31m) in diameter and 220ft (67m) in depth with the bottom 24ft (7.31m) of the shaft belled out to a diameter of 42ft (12.8m). Tunnel 3 begins at WR-1 heading at approximately 45° to the right of tunnel 1 and extends 350ft (106.7m), ending with another 24ft (7.31m)-diameter work room (WR-3). Blasting was the only practical way to construct the Tunnel Drain Collection System but the presence of PCBs in the work zone, rigid blasting limitations and public concern presented formidable challenges. Before starting excavation and contrary to typical shaft construction, the area was graded so that water would enter the shaft and not leave the site.


News Article | November 8, 2016
Site: news.europawire.eu

Este reconocimiento reafirma la posición de MAPFRE como una de las empresas más deseadas para trabajar MADRID, 08-Nov-2016 — /EuropaWire/ — MAPFRE asciende dos posiciones, hasta el puesto número 11 el ranking Merco Talento 2016, con un total de 6.861 puntos … Read the full press release →


News Article | February 17, 2017
Site: www.businesswire.com

NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--Manitowoc Foodservice, Inc. (NYSE:MFS), which is changing its name to Welbilt, Inc. effective March 6th, announced today that Hubertus Muehlhaeuser, President and CEO, John Stewart, Senior Vice President and CFO, and Rich Sheffer, Vice President of Investor Relations and Treasurer, will present at the Barclays Industrial Select Conference in Miami, Florida on February 22nd at 8:00 a.m. ET. A live audio webcast of the presentation and an archived replay can be accessed through the Investors Relations section of Welbilt’s website, www.welbilt.com. Manitowoc Foodservice, Inc./Welbilt, Inc. provides the world’s top chefs and premier chain operators or growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. We offer fully-integrated kitchen systems and our products are backed by KitchenCare® – our aftermarket, repair, and parts service. Headquartered in the Tampa Bay area, Florida, and operating 18 manufacturing facilities throughout the Americas, Europe and Asia, the company sells through a global network of over 3,000 distributors and dealers in over 100 countries. The company has approximately 5,500 employees and generated sales of $1.46 billion in 2016. Its portfolio of award-winning brands includes Cleveland™, Convotherm®, Delfield®, fitkitchenSM, Frymaster®, Garland®, Kolpak®, Lincoln™, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. For more information, visit www.welbilt.com.


News Article | February 21, 2017
Site: www.businesswire.com

NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--Manitowoc Foodservice, Inc. (NYSE:MFS), which is changing its name to Welbilt, Inc. effective March 6th, announced today John O. Stewart, Senior Vice President and Chief Financial Officer will retire by the end of April 2017. Stewart, 58, joined MFS/Welbilt in 2015 when it was a subsidiary of the Manitowoc Company to oversee the spin-off from the former parent. “John and I have decided that with the spin-off successfully completed and the groundwork laid for the next stage of our journey, now is the right time for John to retire from MFS/Welbilt,” said Hubertus Muehlhaeuser, Manitowoc Foodservice/Welbilt’s President and CEO. “John was instrumental to our successful spin-off. He has built a fantastic team and his leadership has been an invaluable help to me as we raised our debt, communicated our story to investors and dealt with all the challenges of being a new public company.” The company has initiated a search for John’s successor and will consider both internal and external candidates. “I am pleased that John has agreed to stay on until the end of April to assist in the search for his replacement and ensure a smooth transition. I’d like to thank John for all of his efforts to get us through the spin-off and through the challenges of our first year as a standalone public company. I wish him well in his future endeavors,” concluded Muehlhaeuser. Manitowoc Foodservice, Inc./Welbilt, Inc. provides the world’s top chefs and premier chain operators or growing independents with industry-leading equipment and solutions. Our innovative products and solutions are powered by our deep knowledge, operator insights, and culinary expertise. We offer fully-integrated kitchen systems and our products are backed by KitchenCare® – our aftermarket, repair, and parts service. Headquartered in the Tampa Bay area, Florida, and operating 17 manufacturing facilities throughout the Americas, Europe and Asia, the company sells through a global network of over 3,000 distributors and dealers in over 100 countries. The company has approximately 5,500 employees and generated sales of $1.46 billion in 2016. Its portfolio of award-winning brands includes Cleveland™, Convotherm®, Delfield®, fitkitchenSM, Frymaster®, Garland®, Kolpak®, Lincoln™, Manitowoc® Ice, Merco®, Merrychef® and Multiplex®. For more information, visit www.welbilt.com.

Loading Merco collaborators
Loading Merco collaborators