Enodis plc, which got its start in 1910, is a global supplier of food and beverage equipment. Actually, it's been a tasty company for several suitors.

And now Enodis will have a new owner: Manitowoc (NYSE: MTW). The company outbid Illinois Tool Works Inc (NYSE: ITW) and has agreed to pay $2.7 billion for the firm.

Enodis has a strong global footprint, assembling a large portfolio of quality brands, such as Delfield, Frymaster, Garland, Ice-o-matic, Scotsman and so on. What's more, the company has top-notch clients like Burger King (NYSE: BKC) and McDonald's (NYSE: MCD).

However, on its face, Enodis looks like a mature company, with little growth ahead of it. But the fact remains that the company is poised nicely for opportunities in emerging markets, especially in Asia.

Even so, Manitowoc is certainly paying a premium for Enodis. Perhaps that's why Wall Street is a bit concerned, as Manitowoc's stock has gone from $44.75 to $30.83 since April.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

Manitowoc to pay $2.7 billion for Enodis originally appeared on BloggingStocks on Tue, 01 Jul 2008 16:06:00 EST. Please see our terms for use of feeds.