Mr. Bassoul continued, “Sales and orders at our Food Processing Group slowed in the first quarter as growth rates have moderated from a stronger 2010 which included a rebound of capital spending as a number of projects had been deferred in 2008 and 2009. While orders have slowed in the first half, customer inquiries and quoting activity remains strong and we see increasing demand for new equipment in emerging markets. We also continue to remain excited about sales opportunities for the new products developed and introduced over the past eighteen months.”Mr. Bassoul concluded, “We continue to execute on our acquisition strategy of acquiring leading brands and technologies. We were pleased to recently announce acquisitions of the Lincat Group PLC and Beech Ovens. Lincat Group PLC is a leading manufacturer in the UK of ranges, ovens and counterline cooking equipment under the Lincat brand name and kitchen processing equipment under the IMC brand name. This acquisition is anticipated to be completed later in the second quarter. Beech, which was acquired in April, is a leading manufacturer of hearth stone ovens with a strong presence in the emerging markets. With these acquisitions, Middleby adds three very strong leading brands to its portfolio of brands and further extends Middleby’s global presence.”
The Middleby Corporation Reports First Quarter Results
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