Shares of The Middleby Corporation (MIDD) rose 2.2% on the final trading day of the year. The manufacturer, marketer and distributor of cooking and warming equipment announced the acquisition of Viking Range Corporation.
The Deal
The Middleby Corporation announced that it has agreed to acquire Viking in an all-cash transaction valuing the firm at $380 million.
Viking is a leading manufacturer of premium residential cooking equipment, ovens and other kitchen appliances and is based in Greenwood Mississippi. By combining both firms, Middleby expects to find meaningful cost reduction and production efficiencies and yield, improved design and performance.
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