We appear to follow same rules of investing ie value investing and given that you have two stocks (one that you hold which I sold) and one that you are considering (that I bought)here is my perspective on my reasons as to my actions.

Sold Manitowoc at $41 (loss of $3) – on basis of “diworsification”.I bought due to their leadership in cranes during the current infrastructure boom but their decision to buy Enodis at a significant premium to Enodis market valuation,a maker of restaurant equipment to dilute Manitowoc’s exposure to cranes signalled that my original reason for buying Manitowoc was no longer was valid.If you read Peter Lynch ‘One Up on Wall Street’,you will understand what diworsification means to shareholders.

Bought Hansen at 28.5- very well managed business and given its turnover is still only $1 billion,has plenty of room to grow particularly internationally where it is still relatively unknown.I don’t expect its earnings to grow as fast as in the past but I believe the margin of safety at such a price,presents a compelling buying opportunity for a strong business.