Selim A. Bassoul Chairman and Chief Executive Officer, commented, “Sales increased at our Commercial Foodservice Equipment Group as we continued to realize growth in emerging markets and with chain restaurant customers as they upgrade equipment and adopt new technologies to improve the efficiency of store operations. This growth was offset in part by lower sales in Europe due to difficult market conditions.”
Mr. Bassoul continued, “Strong sales at our Food Processing Equipment Group reflect 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 processed foods in developing markets. We continue to see strength in sales activities and incoming order rates, and believe we are well positioned to serve our customers with our growing portfolio of complementary brands and technologies.”
Mr. Bassoul further commented, “We are very pleased to have recently announced the acquisitions of Stewart Systems and Nieco. With these two additions we continue to expand and further strengthen both our Commercial Foodservice and Food Processing platforms. Stewart Systems is a recognized leader in automated proofing and oven systems for the baking industry. Nieco is a leader in the manufacture of conveyor broilers for leading restaurant chains and other commercial kitchens. Middleby’s global manufacturing, sales and support infrastructure will allow us to further extend the presence of these brands with our customers demanding unique and cost efficient solutions as they expand internationally.”
Conference CallA conference call will be held at 8:30 a.m. Central time on Wednesday, November 7, 2012 and can be accessed by dialing (866) 200-6965 and providing conference code 36366003# or through the investor relations section of The Middleby Corporation website at www.middleby.com. An audio replay of the call will be available approximately one half hour after its completion and can be accessed by calling (866) 206-0173 and providing code 277692#. Statements in this press release or otherwise attributable to the Company regarding the Company's business which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the Company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the Company's SEC filings.