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Manitowoc sells dishwasher business to Hoshizaki

MANITOWOC, Wis. (AP) -- The Manitowoc Co. Inc., which makes cranes and restaurant equipment, said Monday that it sold its business that makes dishwashers to Hoshizaki USA Holdings Inc.

Specific terms of the deal were not disclosed. But Manitowoc said that it will have about $26 million in net proceeds that it will use to reduce long-term debt.

Hoshizaki, a privately held company, makes dishwashers, display cases and ice machines for restaurants. The company that it is buying, Jackson, also makes commercial-sized dishwashers for restaurants and other food-service companies.

Shares of Manitowoc fell 20 cents, or 1.13 percent, to $17.51 in morning trading.