Mr. Bassoul continued, “Sales at our Food Processing Equipment Group in the third quarter declined in comparison to a robust 2010 due to slower orders in the first half. However, order rates increased in the third quarter as customers finalized their orders on projects that we have been developing throughout the year, and we realized double-digit growth in incoming orders as compared to the prior year third quarter. Due to the longer lead times in this business the favorable order rates did not benefit the third quarter but will be realized in future quarters. Prospects for the food processing business moving into 2012 are strong with a visible pipeline of new projects and demand for our equipment in emerging markets where the requirement for precooked and prepared foods is increasing and the need for advanced technologies is being recognized by food processors.”Mr. Bassoul further added, “We continue to execute on our acquisition strategy of acquiring leading brands and technologies. We were pleased to have completed the acquisitions of Danfotech, Maurer-Atmos and Auto-Bake during the third quarter. Danfotech is a leading manufacturer of meat presses and defrosting equipment for the food processing industry. Maurer-Atmos is a leading manufacturer of batch and continuous ovens for the food processing industry. Auto-Bake Pty Ltd is a leading manufacturer of automated baking systems for the food processing industry. While these acquisitions were dilutive to earnings in the third quarter, we expect significant improvement resulting from our integration initiatives. With these acquisitions Middleby adds three very strong leading brands to its Food Processing Equipment Group, significantly strengthening our global platform and expanding our product portfolio.”
The Middleby Corporation Reports Third Quarter Results
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