The Middleby Corporation (NASDAQ:MIDD) has acquired CP Packaging, a vacuum packaging equipment manufacturer based in Appleton, WI. CP Packaging generates annual sales of approximately $15 million.
The acquisition expands Middleby's manufacturing operations in the Food Processing Equipment Group by boosting packaging equipment offerings. The buyout also enhances MIDD's ability to provide customers with integrated full-line solutions.
Middleby CEO, Tim FitzGerald, said, "There are meaningful synergies amongst our packaging brands and our food processing platform, as we leverage our long-standing customer relationships, established global distribution and manufacturing capabilities."
Middleby's measures to expand market share, product portfolio and customer base by carrying out successive acquisitions are expected to foster its growth. Recently, the company acquired Icetro, a commercial food service equipment manufacturer, expanding its portfolio of beverage brands. The buyout expands MIDD's Asian manufacturing capabilities and provides solutions to support customers expanding in international markets. Last month, the company acquired Proxaut, a provider of Auto Guided Vehicles (AGVs) to industrial processing companies and the food industry, strengthening its product offerings in the food processing end market.
Middleby carried out a series of acquisitions last year as well, namely, Masterbuilt Holdings and Char-Griller, Imperial Commercial Cooking Equipment, and Novy. Acquired assets boosted the company's sales by 20.7% in the first quarter of 2022.
Zacks Rank & Key Picks
Middleby carries a Zacks Rank #3 (Hold).
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