Icahn Acquires Stake in Manitowoc, Seeks Splitup

Carl Icahn reported a 7.7 percent stake in Manitowoc and became the second activist investor this year to push for a split up of the company's crane and food service equipment businesses. Manitowoc's crane business has been hurt by weak demand for its rough-terrain and boom trucks, and the company said in October that it expected revenue in the business to decline by a mid-to-high single-digit percentage in 2014. The crane business contributed nearly 62 percent of Manitowoc's total revenue of about $4 billion in 2013.