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The Middleby Corporation Announces Acquisition Of Mauer-Atmos And Promotions Of Ivo Cozzini And Magdy Albert To Lead Middleby Food Processing Group

Stocks in this article: MIDD

The Middleby Corporation (NASDAQ: MIDD) today announced that it has entered into an agreement to acquire the net assets of Mauer-Atmos GmbH, subject to the satisfaction of certain closing conditions. Mauer-Atmos is a leading manufacturer of thermal processing systems for the food processing industry based in Germany with approximate annual revenues of $20 million. The addition of this brand complements and further strengthens Middleby’s food processing equipment platform.

“Mauer Atmos is a globally recognized brand with a reputation for superior quality. Its extensive portfolio of batch and continuous cooking systems will further extend our ability to offer unique and innovative solutions to our food processing customers globally,” commented Selim A. Bassoul, Chairman and CEO.

Mr. Bassoul further added, “I am also very pleased to announce the promotion of Ivo Cozzini to Group President of Sales and Marketing, and Magdy Albert to Group President of Operations. Ivo and Magdy will work side by side to jointly lead and further develop our growing food processing platform. Upon completion of this latest acquisition, the brands in the Middleby Food Processing Group will include Alkar, Cozzini, Danfotech, Mauer-Atmos, MP Equipment, and RapidPak.”

“This new structure will enable us to accelerate the coordination of activities of the expanded portfolio of brands in the Middleby Food Processing Group. Under the leadership and direction of Ivo and Magdy, we will leverage the combined strengths and resources of the group and further realize synergies from the recent acquisitions.”

“Ivo’s deep industry experience and customer relationships will be a great asset as we coordinate efforts amongst the brands in selling and providing services to our food processing customers globally. Ivo will lead initiatives to further expand our global reach as we target developing markets and develop customized equipment solutions for our customers with our broadened portfolio of products. Prior to Middleby’s acquisition in 2010, Ivo was the President and former owner of Cozzini Inc. with over 25 years of industry experience.”

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