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Benzinga
Benzinga
Business
Akanksha Bakshi

Middleby Expands Offerings In Ice - Read How

  • Middleby Corp (NASDAQ:MIDDhas acquired Icetro, a maker of ice, soft serve, and slush machines used worldwide in commercial food service. Deal terms were not disclosed.
  • Icetro has annual sales of ~$40 million and is headquartered in South Korea, with U.S. operations based in Anaheim, California.
  • The acquisition furthers MIDD's Asian manufacturing capabilities. It expands MIDD's offerings in ice, adding a selection of cubed and flaked machines, while its soft serve and slush machines enhance existing product lines with a collection of countertop equipment.
  • Icetro's soft serve technology has heat-treat pasteurization capabilities addressing food safety issues.
  • Middleby held cash and equivalents of $146.7 million as of April 2, 2022.
  • Price Action: MIDD shares are trading lower by 0.27% at $125.05 on the last check Thursday.
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