Middleby Corporation
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| Public | |
| Traded as | NASDAQ: MIDD |
| Industry | Commercial Cooking Equipment |
| Predecessor | Middleby Marshall Inc. |
| Headquarters | Elgin, Illinois, U.S. |
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Area served
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International |
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Key people
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Selim Bassoul, CEO |
| Website | www |
The Middleby Corporation (NASDAQ: MIDD), also known as Middleby Corp., is an American publicly traded commercial and residential cooking and industrial process equipment company based in Elgin, Illinois. The company manufactures commercial cooking equipment, industrial processing equipment, and residential appliances. The commercial cooking equipment side of Middleby does business with 97 out of the top 100 food service chains in the United States and internationally.
The company was founded by Joseph Middleby and John Marshall in 1888 as a bakery supplier. The company made custom portable ovens for the bakery industry. Middleby sold the company to Marshall in the early 1900s. The company was privately held by descendents of Marshall until it was purchased by a private company in 1976. The company was purchased by TMC Industries Ltd. in 1983 and changed its name to The Middleby Corporation in 1985 and moved its headquarters to Elgin, Illinois in the late 1980s.
By 1996, the company had expanded its manufacturing base overseas and had opened a manufacturing and training facility employing 190 in Santa Rosa, Laguna, the Philippines.
By 2006, the company had successfully streamlined operations to an extent allowing them to close two of its seven manufacturing facilities in the United States with no loss of product lines or capacity; this was in addition to three facilities shut down in 2001 and 2002. Also in the 2001 to 2006 period, the company's income yield from sales increased from about 3% to just over 10%, while it's stock valuation increased by over 15-fold, performance gains which were attributed to CEO Bassoul.
The Middleby Corporation was originally available for purchase on the NASDAQ over-the-counter market, and became listed on the in 1988. Its first public offering came in September 1997 with a share price offering of $10 on the NASDAQ. Selim Bassoul became the CEO of Middleby in January 2001.
Middleby has acquired numerous businesses in the US and internationally. In 1990, Middleby acquired a majority stake in Asbury Associates Inc., a Filipino manufacturer of food service equipment. It increased its interest to 80% by 1991 and became the company's main export distributor internationally with the exception of Canada where Middleby already owned a distributor. The same year, it established Fab-Asia, Inc., a separate unit in Manila for manufacturing of kitchen equipment for markets in Asia and the United States.
Middleby acquired the commercial cooking business of the Maytag Corporation in 2001 for $95 million. The purchase added the G.S. Blodgett, Pitco Frialator, and MagiKitch'n brands to Middleby's commercial appliance line
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Wikipedia