The Middleby Corporation (NASDAQ: MIDD) (“Middleby” or “the company”) today announced Selim Bassoul is retiring from his role as Chairman, President and Chief Executive Officer. Timothy FitzGerald has been named Chief Executive Officer and a member of the Board of Directors. Mr. FitzGerald has been instrumental in the development and execution of the company strategy since joining in 1998 and having served as Chief Financial Officer since 2003. These changes are effective as of February 16, 2019.
Read MoreThe Taylor Company is creating a buzz at the 2019 Nightclub & Bar Show as it introduces the Zamboozy Adult Slushie Freezer.
Read MoreMiddleby Brazil was recognized as the best Food Service company in Brazil by SINDAL, the Brazilian Food Service Association, in a ceremony held on January 25.
Read MoreMiddleby Residential, a division of The Middleby Corporation (NASDAQ: MIDD), has opened its second residential showroom, located in the prestigious A&D Building in New York.
Read MoreHilton Garner, President of Globe Food Equipment Co., will retire effective April 1, 2019. Kevin Woods, Vice President of Sales and Marketing for the company, has been named President. Garner and Woods will work together over the next few months to ensure a seamless transition. Hilton retires from Globe with 40 years in the commercial foodservice industry and 27 years at Globe.
Read MoreKevin Brown, President of Viking Range, LLC was recently recognized at this year’s Top CEO Awards presented by the Mississippi Business Journal. This selection honors the most powerful and influential business leaders in Mississippi who are senior decision-makers and are making a significant impact in their business. Brown and the other recipients were honored during a special reception Jan. 31, at the Old Capital Inn in Jackson, MS.
Read MoreThe Middleby Corporation today announced industry veteran Dave Hinton was named to the position of Group Vice President, Star Holdings International Companies which includes the brands Star, Lang, Wells, Toastmaster and Holman. In his new position, Hinton will be responsible for leading the global strategy, growing sales and marketing initiatives for each of the brands in the group.
Read MoreWe are so excited to be back in Orlando for the 2019 NAFEM Show!
Read MoreThe Middleby Corporation announced Chris Karssiens was named to the newly-created position of Group Vice President, Crown Steam Companies. This group includes recently acquired Crown Steam along with Market Forge and Firex. In his new position Chris will be responsible for leading the sales, strategy and marketing for the Crown Steam Companies.
Read MoreSouthbend, a global leader in heavy-duty, commercial cooking equipment, has named Chris Reeves Vice President of Sales.
Read MoreFollowing a career spanning more than three decades, The Middleby Corporation announces the retirement of Steve Follett, President of Follett LLC. He will be succeeded by industry veteran Korey Kohl, currently Middleby Group President overseeing the Middleby Beverage Group. Steve and Korey will work together on a seamless transition in the first quarter of 2019.
Read MoreJaime Nau has been promoted General Manager of Nieco Corporation, a Windsor, Calif.-based manufacturer of broiling technologies for commercial kitchens. In her new position Jaime will oversee and direct the day-to-day operations of sales, manufacturing, engineering and research & development for Nieco, a brand of the Middleby Corporation.
Read MoreMark Easterday has been promoted to the newly created position of Executive Vice President of Middleby Brand Sales. Mark will be responsible for oversight of the Middleby Representative Groups in the U.S. and Canada. Mark will direct the sales efforts and coordinate activities across the entire sales representation organization, working closely with our Commercial Foodservice Brands. Mark will report to Group President John Perruccio.
Read MoreAutomatic Bar Controls, also known as the brand Wunder-Bar, a division of the Middleby Corporation, recently acquired the line of Starline bubblers from the Cleland Sales Corporation.
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Powerhouse Dynamics, Inc., a leader in cloud-based IoT solutions for the foodservice industry.
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced that it has completed the acquisition from Standex International Corporation (NYSE: SXI) of its Cooking Solutions Group.
Read MoreThe Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the fourth quarter and full fiscal year ended December 29, 2018. Net earnings for the fourth quarter were $94.8 million or $1.70 diluted earnings per share on net sales of $756.7 million as compared to the prior year fourth quarter net earnings of $75.2 million or $1.35 diluted earnings per share on net sales of $632.9 million. Net earnings for the fiscal year ended December 29, 2018 were $317.2 million or $5.70 diluted earnings per share on net sales of $2,722.9 million as compared to the prior year net earnings of $298.1 million or $5.26 diluted earnings per share on net sales of $2,335.5 million. Net earnings in the current quarter were impacted by the dilutive impact of the Taylor acquisition and restructuring. Net earnings in the prior year were impacted by restructuring, the gain on sale of plant, the impairment of intangible assets, complying with the Tax Cuts and Job Act of 2017 and the adoption of ASU No, 2016-09. Excluding these items, adjusted earnings per share was $1.79 and $1.62 for the 2018 and 2017 fourth quarter periods, respectively.
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced that it has entered into a definitive agreement to acquire from Standex International Corporation (NYSE: SXI) its Cooking Solutions Group, which consists of the well-known brands APW Wyott®, Bakers Pride®, BKI® and Ultrafryer®. In 2018, the Standex Cooking Solutions Group had revenues of approximately $100 million. The transaction completion is subject to customary closing conditions
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced it will release 2018 fourth quarter earnings on Wednesday, February 27 before market open.
Read MoreThe Middleby Corporation (NASDAQ:MIDD) today announced the acquisition of EVO America, Inc., a leading design and manufacturer of ventless cooking equipment for the commercial foodservice industry. The company is based near Portland, Oregon and has approximately $8 million in annual revenues.
Read MoreThe Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the third quarter ended September 29, 2018. Net earnings for the third quarter were $72.9 million or $1.31 diluted earnings per share on net sales of $713.3 million as compared to the prior year third quarter net earnings of $74.7 million or $1.31 diluted earnings per share on net sales of $593.0 million. Excluding the impact of restructuring expenses and the dilutive impact of the Taylor acquisition, adjusted earnings per share was $1.56 for the third quarter ended September 29, 2018. Excluding the impact of restructuring expenses, adjusted earnings per share was $1.36 in the prior year third quarter.
Read MoreThe Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the second quarter ended June 30, 2018. Net earnings for the second quarter were $84.0 million or $1.51 diluted earnings per share on net sales of $668.1 million as compared to the prior year second quarter net earnings of $77.6 million or $1.35 diluted earnings per share on net sales of $579.3 million.
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced that it has entered into a definitive agreement to acquire the Taylor Company from UTC Climate, Controls & Security, a unit of United Technologies for $1.0 billion. Taylor is a world leader in beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines, and automated double‐sided grills. Middleby will finance the all‐cash acquisition under its existing revolving credit facility. In 2017, Taylor had revenues of approximately $315 million and $65 million of adjusted earnings before interest, taxes and depreciation (“EBITDA”). The transaction has been structured to provide Middleby with a tax step‐up with a net present value of approximately $150 million. The transaction completion is subject to customary closing conditions, including regulatory approvals, with an expected closing early in the third quarter of 2018.
Read MoreThe Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the first quarter ended March 31, 2018. Net earnings for the first quarter were $65,420,000 or $1.18 diluted earnings per share on net sales of $584,800,000 as compared to the prior year first quarter net earnings of $70,702,000 or $1.24 diluted earnings per share on net sales of $530,297,000.
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Josper S.A., a leading manufacturer of charcoal grill and oven cooking equipment for commercial foodservice and residential applications. Based in Pineda de Mar, Spain, near Barcelona, Josper has approximately $20 million USD in annual revenues.
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of JoeTap, a subsidiary of A.C. Beverage, Inc. The company is a leading innovator of on-demand nitro and cold brew coffee dispensing equipment for the commercial food service industry.
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Firex Srl. The company is a leading manufacturer of steam cooking equipment for the commercial foodservice industry. Based in Sedico, Italy, Firex has approximately $20 million USD in annual revenues.
Read MoreThe Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Ve.Ma.C. The company is a leading designer and manufacturer of handling, automation and robotics solutions for protein food processing lines. The company is based in Castelnuovo Rangone, Italy and has approximately $15 million USD in annual revenues.
Read MoreThe Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the fourth quarter and full fiscal year ended December 30, 2017. Net earnings for the fourth quarter were $75,186,000 or $1.35 diluted earnings per share on net sales of $632,859,000 as compared to the prior year fourth quarter net earnings of $80,936,000 or $1.41 diluted earnings per share on net sales of $596,817,000. Net earnings for the fiscal year ended December 30, 2017 were $298,128,000 or $5.26 diluted earnings per share on net sales of $2,335,542,000 as compared to net earnings of $284,216,000 or $4.98 diluted earnings per share on net sales of $2,267,852,000 in the prior year.
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