Scotsman Industries, Inc., incorporated in 1989, is an international manufacturer and marketer of a diversified line of commercial refrigeration products. Scotman's principal commercial products are refrigerated display cases and mechanical refrigeration systems, ice machines, food preparation and storage equipment, walk-in coolers and freezers and beverage systems. The Company also manufactures self-leveling tray and plate dispensers and ventilation systems. In addition, Scotsman manufactures compact consumer ice machines and refrigerators for the luxury segment of the consumer appliance market. The Company markets and sells its products to customers in the foodservice and food retail industries including restaurants, hotels, motels, soft-drink bottlers and brewers, supermarkets and convenience stores. Revenues for the fiscal year ended January 3, 1999 were $633 million, compared to $571.6 million for fiscal 1998. Refrigerated Display Cases Through its Kysor//Warren operating unit, Scotsman manufactures display cases and mechanical refrigeration systems sold primarily to supermarkets. Refrigerated display cases are used by supermarkets and convenience stores to display perishable food items such as frozen foods, vegetables, deli items, dairy products and prepared meals. Remote mechanical refrigeration systems are located away from a store's customer area and provide power, air filtration and circulation and temperature controls to the refrigerated display cases located within the store. These products are sold under the Kysor//Warren trademark. Additionally, Kysor//Warren primarily sells refrigerated display cases directly to large supermarket and convenience store chains in the Australian and New Zealand markets through its direct sales force. Smaller portions of its sales are made through independent commercial refrigeration distributors that market to independent and small chain supermarkets and convenience stores.Sales of refrigerated display cases accounted for approximately 30% and 27% of the Company's sales in fiscal years 1998 and 1997, respectively. Ice Machines Scotsman markets commercial ice-making machines under the Scotsman and Crystal Tips trademarks worldwide under the Icematic and Simag trademarks in Europe, the Middle East, Africa and Asia, and under various brands through other dealer networks. The Company sells a diversified line of commercial ice machines that produce four forms of ice: cubes, which consist of contour, lenticular, gourmet and dice, flake, nugget and scale. Scotsman's ice machines are either self-contained units, which make, store and in some cases dispense ice or modular units, which make but do not store ice. The Company also sells ice storage bins to accompany modular units. The Company manufactures and markets commercial ice machines and related components through its Italian subsidiaries, Castel MAC S.p.A. and Frimont S.p.A., under the Icematic,Scotsman and Simag trademarks, for sale in Italy and for export primarily to Eastern and Western Europe, the Middle East, Africa and Asia. Scotsman manufactures ice machines for the Chinese market through Scotsman Ice Systems China. In China, Scotsman markets its ice machines under the Scotsman name. The Company also markets the Crystal Tips line internationally through three export marketing firms based in the United States and Canada. Scotsman sells the Scotsman and Crystal Tips brands through independent distribution networks in the United States, Eastern and Western Europe, Africa, the Middle East and Asia. The Company sells consumer ice machines and refrigerators primarily through luxury consumer appliance distributors, who sell to dealers. Scotsman's commercial ice machine business accounted for 27%, 29%, and 49% of the Company's sales in fiscal years 1998, 1997 and 1996, respectively. Food Preparation and Storage Equipment Scotsman markets a wide range of commercial food preparation and storage equipment through its wholly owned subsidiary Delfield Company and Booth, Inc. The principal products are customized a

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