Middleby Buys Firex To Boost Kitchen Equipment Portfolio
Zacks Investment Research | Apr 03, 2018 09:56PM ET
The Middleby Corporation (NASDAQ:MIDD) recently reinforced its inorganic growth trajectory by acquiring Italian kitchen equipment company — Firex Srl — for an undisclosed amount.
Firex manufactures state-of-the-art steam-cooking equipment for the global commercial foodservice industry. The company not only produces innovative products but also owns automated features that will help in reducing labor and increasing standardization, as well as capacity of cooking procedures. Annually, Firex generates nearly $20 million revenues.
Middleby believes the Firex buyout will solidify its existing sous vide and steam-cooking product offerings. These products, which help prepare healthy food, have been gaining popularity in the market, of late. The company believes this acquisition will strengthen its customer relationships and infrastructure across all end-markets.
Over the last month, Middleby’s shares have rallied 3.6%, as against the 2.1% loss incurred by the Original post
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