Middleby's board considers strategic options, including split (updated)
27/01/2025 12:25
(Adds details from release in paragraphs 2,3; background in
paragraph 4)
Jan 27 (Reuters) - Food processing equipment maker
Middleby MIDD.O said on Monday that its board is considering a
broad range of strategic options including a potential
separation of either or both of its food processing and
residential kitchen business units.
Middleby said the strategic review, which started last year,
is in advanced stages and the company expects to reach a
conclusion within the next few months.
"The Board and management team believe that there is
unrealized value in the Company’s business portfolio and have
been evaluating a wide range of options and the optimal timing
to unlock that value," Middleby said.
The Elgin, Illinois-based company, which holds a market
value of $9.13 billion, develops and manufactures a broad line
of products used in commercial food service, food processing,
and residential kitchens.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Sonia
Cheema)
((Abhinav.Parmar@thomsonreuters.com;))