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The Middleby Corporation Reports Fourth Quarter And Full Year Results

Selim A. Bassoul Chairman and Chief Executive Officer, commented, “In the fourth quarter, at our Commercial Foodservice Equipment Group, we realized revenue gains resulting from improvement in industry conditions and increased market penetration. Revenue growth reflects sales with chain restaurant customers as they upgrade equipment and adopt new technologies to improve the efficiency of store operations. This segment also continued to realize strong international growth, reflecting increased business in emerging markets and market penetration resulting from the company’s expanded international selling organization. We are pleased with the results realized from investments we have made both in our international selling organization and our national accounts sales team and continue to further develop our selling infrastructure to promote our growing portfolio of brands and technologies.”

Mr. Bassoul continued, “Sales at our Food Processing Equipment Group declined following a strong performance in 2010. In the prior year, numerous customer projects, which had been deferred in 2008 and 2009 during the economic downturn, were realized resulting in higher revenues in 2010. Despite the sales decline, the incoming order rate during the second half of 2011 was robust, reflecting growing demand from food processors looking to expand and modernize existing plant operations and new customers developing processing operations overseas due to increasing demand for pre-cooked and pre-processed foods in developing markets.”

Mr. Bassoul added, “During 2011, we continued to execute on our acquisition strategy, adding to our portfolio of leading brands and technologies at both the Commercial Foodservice Equipment Group and the Food Processing Equipment Group. With the acquisitions of Beech, a leader in the manufacture of hearth baked ovens, and the acquisition of the Lincat Group, a leading manufacturer of a broad line of cooking and warming products in the U.K., we continued to enhance our global platform of the Commercial Foodservice Equipment Group and expand our portfolio of products.”

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