This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Middleby Corporation Acquires Nieco Corporation

The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Nieco Corporation (“Nieco”), a leading manufacturer of automatic broilers for the commercial foodservice industry. The company has annual revenues of approximately $20 million and is headquartered in Windsor, California.

“Nieco automated broiling equipment is highly complementary to the current portfolio of Middleby cooking technologies, which are focused on improving efficiencies and reducing costs in our customers’ kitchens by providing solutions that reduce labor, save energy and cook at faster speeds,” said Selim A. Bassoul, Chairman and Chief Executive of the Middleby Corporation. “As part of Middleby, we have the opportunity to offer Neico products to a broader market by leveraging the strength of Middleby’s international sales organization and relationships with global restaurant chains. We continue to see a growing demand by our customers around the world to automate their kitchens, and Nieco products provide a unique solution that complements our existing conveyorized cooking products.”

Nieco, founded in 1905, recently announced a new concept in broilers, BroilVection. BroilVection is a patented new generation hybrid broiling technology, combining radiant broiling, natural convection and focused forced convection air to deliver more product flavor with less energy costs. Nieco customers include large quick service restaurants.

About The Middleby Corporation

The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used for commercial food cooking, preparation and processing. The company's leading equipment brands serving the commercial foodservice industry include Anets®, Beech®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter Hoffmann®, CookTek®, CTX®, Doyon®, frifri®, Giga®, Holman®, Houno®, IMC®, Jade®, Lang®, Lincat®, MagiKitch'n®, Middleby Marshall®, Nieco®, Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Toastmaster®, TurboChef® and Wells®. The company’s leading equipment brands serving the food processing industry include Alkar®, Armor Inox®, Auto-Bake®, Baker Thermal Solutions® (formerly known as Turkington), Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment® RapidPak® and Stewart®. The Middleby Corporation has been recognized by Forbes Magazine as one of the Best Small Companies every year since 2005, most recently in October 2012.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs